DRJ Glossary of Business Continuity Terms

Process of planning for and/or implementing procedures for the repair of hardware, relocation of the primary site and its contents, and returning to normal operations at the permanent operational location.

The process of planning for and/or implementing the restarting of defined business processes and operations following a disaster.

Potential for exposure to loss which can be determined by using either qualitative or quantitative measures.Combination of the probability of an event and its consequence

A management decision to take no action to mitigate the impact of a particular risk.

The quantification of threats to an organization and the probability of them being realized.

Total amount of risk that an organization is prepared to accept, tolerate, or be exposed to at any point in time.

Overall process of risk identification, risk analysis, and risk evaluation.

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.

An informed decision to not become involved in or to withdraw from a risk situation.

Risks of similar types are grouped together under key headings, otherwise known as ?risk categories?.

The categorisation of risk, normally focusing on likely impact to the organization or likelihood of occurrence.

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.

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

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.