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Risk Tolerance

Is the level of risk that the organization is unwilling to exceed to achieve objectives.  

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Risk Financing

Provides funds to reduce the financial impact of undesirable effects experienced by an organization.

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Risk Culture

Includes the values, beliefs and behaviors about the governance, assurance and management of risk including: setting risk appetite and tolerances; views about impact of risk on conduct and decisions; and  Full Article…

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Risk Capacity

The maximum level of risk that the organization is able to address.

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Risk Appetite

The level of risk that the organization is willing to accept to achieve objectives.

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Risk Analysis Criteria

Are quantitative or qualitative values against which level of risk is evaluated.

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Residual Risk

Is the level of risk after actions and controls are in place.

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Quantitative Impact

Is a positive/negative affect on financial assets, tangible assets, intangible assets, business continuity, and health & safety.

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Inherent Risk

Is the level of risk in the absence of actions and controls.

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Event

An observable action, occurrence, or a change in condition. A change in knowledge about a condition, even if the condition did not change. NOTES A change in condition is easily  Full Article…

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Likelihood

A measure of the chance of an event occurring. Usage Notes Quantitatively, likelihood is typically expressed as either: Probability Likelihood (Mathematical) Qualitatively, likelihood is typically expressed using an Ordinal Scale (high, medium, low). Be careful  Full Article…

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Negative Effect

(when dealing with a future event) A measure, expressed as a function of the likelihood that an event may occur, how fast the event may impact objectives and the estimated negative  Full Article…

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Risk

A measure of the negative effect of uncertainty on achieving objectives. A measure of the likelihood that an event may occur, how fast the event may impact the entity, and the estimated  Full Article…

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