Terms of reference against which the significance of a risk is evaluated.

The culture, processes and structures that are put in place to effectively manage potential negative events. As it is not possible or desirable to eliminate all risk, the objective is to reduce risks to an acceptable level. Coordinated activities to direct and control an organization with regard to risk.

Implementation of measures to deter specific threats to the continuity of business operations, and/or respond to any occurrence of such threats in a timely and appropriate manner. Activities taken to reduce the severity or consequences of an emergency.

The identification and prioritization of threats in a Risk Analysis methodology.

The ordinal or cardinal rank prioritisation of the risks in various alternatives, projects or units

A selective application of appropriate techniques and management principles to reduce either probability of an occurrence or its impact, or both.

All risks of an organization, listed, ranked and categorized so that appropriate treatments can be assigned to them.

Element which alone or in combination has the intrinsic potential to give rise to risk.

A common technique used by Risk Managers to address or mitigate potential exposures of the organization. A series of techniques describing the various means of addressing risk through insurance and similar products. Refers to the shifting of the burden of loss to another party through legislation, contract, insurance or other means. It can also refer to the shifting of a physical risk or part thereof elsewhere.

Selection and implementation of measures to modify risk.