Is the level of risk that the organization is unwilling to exceed to achieve objectives.
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Risk Management
Is the act of managing processes and resources to address risk while pursuing reward.
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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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Performance Management
Is the act of managing processes and resources to pursue reward while also addressing risk
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Performance Culture
Includes the values, beliefs and behaviors about the governance, assurance and management of performance including: setting objectives and indicators of performance; enabling and evaluating performance; and how individual and team Full Article…
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Orchestrate
The ways and means of governance, performance, risk, control and compliance capabilities
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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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Objective
Something that an entity intends to attain or accomplish. Usage Notes To be measurable, objectives must be mapped to indicators, targets and tolerances. Synonyms Purpose Goal
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Impact
A measure of how an entity or its objectives are affected. Usage Notes Quantitatively, impact is often expressed as: positive/negative affect on financial assets positive/negative affect on other tangible assets (facilities, Full Article…
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Uncertainty
The state of being unable to completely predict; determine; or define something. Additional Definitions From Well-Known Sources
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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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