Is the level of risk that the organization is unwilling to exceed to achieve objectives.
Is the act of managing processes and resources to address risk while pursuing reward.
Provides funds to reduce the financial impact of undesirable effects experienced by an organization.
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…
The maximum level of risk that the organization is able to address.
The level of risk that the organization is willing to accept to achieve objectives.
Risk Analysis Criteria
Are quantitative or qualitative values against which level of risk is evaluated.
Is the level of risk after actions and controls are in place.
Is a positive/negative affect on financial assets, tangible assets, intangible assets, business continuity, and health & safety.
Is the act of managing processes and resources to pursue reward while also addressing risk
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…
The ways and means of governance, performance, risk, control and compliance capabilities
Is the level of risk in the absence of actions and controls.
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…
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…
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
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…
The state of being unable to completely predict; determine; or define something. Additional Definitions From Well-Known Sources
(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…
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…