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301 Risks
| 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, or systems |
| Avoidance | A risk-response strategy that involves cheesing not to do something considered risky |
| Brand Erosion | The deterioration or destruction of a brand |
| Chief risk officer (CRO) | 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 |
| Credit downgrade | The reduction of a business's credit rating or measure of a relative credit risk |
| Environmental scan | A three-step process in which business gather information on their surroundings, analyze that information, and determine its future impact |
| 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 van cause injury or harm to people, property, or the environment |
| Impact | The effect 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 or situations that the result of employee actions, core processes, and daily business activities |
| Proactive | Adapting to the environment in advance of the occurrence of events |
| Probability | The likelihood an event will occur |
| Prospective risks | Risks that have not happened before but could occur in the future |
| Pure risk | A risk that carries the possibility of loss or no loss |
| Reactive | Hesitant to take action |
| 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 |
| Risk identification | A risk-management process 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 correct risk-response strategies and tools, tracking existing risks, monitoring new risks, and developing responses and workarounds for previously unidentified risks |
| Risk register | A record of listing of risks that could potentially impact a business of 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 |
| Risk-tolerant | Accepting risk 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 or an organizations long-term plans |
| Transference | A risk-response strategy that involves moving the impact of a risk to someone or something else |
Created by:
catonieca