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301 key term
RISK
| Term | Definition |
|---|---|
| Acceptance | A risk-response strategy that involves accepting a risk's consequences because the potential payoff is higher than the losses; also known as risk retention or assumption |
| Audit report | A document that describes the accuracy and appropriateness of a business's information, processes, and/or systems |
| Avoidance | A risk-response strategy that involves choosing not to do something that is considered risky |
| Brand erosion | The deterioration or destruction of a corporate or product brand |
| Chief risk officer | An executive responsible for a business's risk-management activities, which include the planning, controlling, preventing, and limiting of business losses and enhancing possibilities for gain |
| contingency plan | Specific guidelines and activities used when responding to undesirable circumstances; an alternative course of action |
| Credit downgrade | The reduction of a business's credit rating or measure of relative credit risk ;usually accompanied by an increase in expenses and a decrease in creditworthiness |
| environmental scan | A three-step process in which businesses gather information about their surroundings, analyze |
| exchange rate | The price or value at which one currency can be converted to another |
| fallback plan | guidelines explaining what to do and how to recover if a contingency plan fails |
| financial risks | possible events and situations that directly impact a company's cash flow |
| hazard risks | potential events and situations that can cause injury or harm to people, property, or the environment |
| impact | the effect or influence of an event |
| incident log | A record of accidents, injuries, and other mishaps occurring at a particular business or in a certain department |
| mitigation | a risk-response strategy that involves reducing or controlling the impact of a risk if it occurs |
| operational risks | possible events and situations resulting from employee actions, core, processes, and daily business activities |
| proactive | Adapting to the environment in advance of the occurrence of events; taking advantage of opportunities rather than reacting to problems |
| probability | the likelihood that an event will occur |
| prospective risks | risks that have not happened before but could occur in the future |
| pure risks | A risk that carries the possibility of loss or no loss |
| reactive | hesitant to take action; passive; waiting for changes to occur before acting |
| retroactive risks | risks that have previously occurred |
| risk | the possibility of loss or gain |
| risk-averse | Avoiding risk whenever possible |
| risk checklist | A standardized list of risks that a business faces on a regular basis; used to speed up the risk-identification process |
| risk identification | A risk-management process that involves recognizing risks that could impact a business's objectives and activites |
| risk impact | A framework used to determine the severity of risks if they occur; used by risk managers to prioritize |
| risk management | A business activity that involves the planning, controlling, preventing, and limiting of business losses and enhancing possibilities for gain |
| risk measurement | a risk-management process that involves determining the potential severity of different risks |
| risk monitoring and control | A risk-management process that involves determining the effectiveness of current risk-response strategies and tools, tracking existing risks, monitoring new risks, and developing responses and workarounds for preciously unidentified risks |
| risk register | a record or listing of risks that could potentially impact a business or project |
| risk response | A risk-management process that involves selecting the most effective ways to handle different risks |
| risk seeking | looking for ways to turn risk into a strategic advantage and/or capital |
| risk-tollerant | accepting risks when necessary, but not seeking risk |
| speculative risk | a risk that may result in loss, no change, or gain |
| strategic risk | possible events and situations that can affect the execution of an organization's long-term plans |
| transference | a risk-response strategy that involves moving the impact of a risk to someone or something else |
Created by:
jayden.b465
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