definitions

Someone once said: “The great thing about standards is that there are so many to choose from.”

The risk management field is no different in this respect than any other area of management where standards proliferate. In this section we highlight some of the most important terms in the field of risk management and provide examples of how these are defined in some of the more important or well known reference materials.

Where there are multiple definitions we provide a commentary on the distinctions but it is up to the reader to determine which definition best aligns with their own needs.

risk
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operational risk
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risk analysis
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risk assessment
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risk identification
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risk evaluation
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risk criteria
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risk treatment
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residual risk
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risk management
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risk management framework
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enterprise risk management
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tolerable risk
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risk appetite
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hazard
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impact
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consequence
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likelihood
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frequency
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probability
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event
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A man sits as many risks as he runs.

Henry David Thoreau