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301 key term

RISK

TermDefinition
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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