The amount of risk that you are willing to accept.
Avoiding a risk by not doing something, by discontinuing a product, etc.
Something that contributes to the occurrence of a risk.
A result of a risk occuring. An effect on an objective.
Plans and preparations made in advance that are put into action if a risk occurs.
Something that is put in place to modify the likelihood or the impact of a risk.
The effect of a risk occurring. Also, the size of this effect.
The chance of a risk occurring.
Level of risk
How “risky” a risk is. A combination of a risk’s likelihood and impact.
Goal. An intended outcome that could be affected by risk.
Uncertainty that matters to our objectives. A threat or opportunity.
The process of identifying your risks, analysing and prioritizing them, and planning their treatment.
The area covered by our risk management.
The level of risk that is the “most risky” and most in need of attention.
Carrying out actions to modify the level of risk.