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Volume 32, Issue 4

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DRJ Glossary of Business Continuity Terms


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UPDATED: September 2019
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Glossaries

TermDefinition
Risk Assessment
Overall process of risk identification, risk analysis, and risk evaluation.
Risk Assessment / Analysis
Process of identifying the risks to an organization, assessing the critical functions necessary for an organization to continue business operations, defining the controls in place to reduce organization exposure and evaluating the cost for such controls.
Risk Avoidance
An informed decision to not become involved in or to withdraw from a risk situation.
Risk Categories
Risks of similar types are grouped together under key headings, otherwise known as ?risk categories?.
Risk Classification
The categorisation of risk, normally focusing on likely impact to the organization or likelihood of occurrence.
Risk Concentration
The risks associated with having Mission Critical Activities and/or their dependencies, systemic processes and people located either in the same building or close geographical proximity (zone), that are not reproduced elsewhere i.e. a single point of failure.
Risk Controls
All methods of reducing the frequency and/or severity of losses including exposure avoidance, loss prevention, loss reduction, segregation of exposure units and non-insurance transfer of risk
Risk Criteria
Terms of reference against which the significance of a risk is evaluated.
Risk Management (RM)
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.
Risk Mitigation
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.
Risk Profiling
The identification and prioritization of threats in a Risk Analysis methodology.
Risk Ranking
The ordinal or cardinal rank prioritisation of the risks in various alternatives, projects or units
Risk Reduction
A selective application of appropriate techniques and management principles to reduce either probability of an occurrence or its impact, or both.
Risk Register
All risks of an organization, listed, ranked and categorized so that appropriate treatments can be assigned to them.
Risk Source
Element which alone or in combination has the intrinsic potential to give rise to risk.