Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
71 Cards in this Set
- Front
- Back
Big Data |
Sets of data that are too large to be gathered and analyzed by traditional methods |
|
Smart Product |
An innovative item that uses sensors; wireless sensor networks; and data collection, transmission, and analysis to further enable the item to be faster, more useful, or otherwise improved |
|
Internet of Things (IoT) |
A network of objects that transmit data to and from each other without human interaction |
|
Cloud Computing |
Information, technology, and storage services contractually provided from remote locations, through the internet or another network, without a direct server connection |
|
Blockchain |
A distributed digital ledger that facilitates secure transactions without the need for a third party |
|
Telematics |
The use of technological devices in vehicles with wireless communication and GPS tracking that transmit data to businesses or government agencies; some return information for the driver |
|
Text Mining |
Obtaining information through language recognition |
|
Insurtech |
The use of emerging technologies in the insurance industry |
|
Sensor |
A device that detects and measures stimuli in its environment |
|
Preventive Analytics |
Statistical and analytical techniques used to influence or prevent future events or behaviors |
|
Transducer |
A device that converts one form of energy into another |
|
Actuator |
A mechanical device that turns energy into motion or otherwise effectuated a change in position or rotation using a signal and an energy source |
|
Accelerometer |
A device that measures acceleration, motion, and tilt |
|
Ergonomics |
The science of designing work space and equipment based on the needs of the people who use the work space and equipment |
|
Risk Management Framework |
A foundation for applying the risk management process throughout the organization |
|
Risk Criteria |
Information used as a basis for measuring the significance of a risk |
|
Pure Risk |
A chance of loss or no loss, but no chance of gain |
|
Speculative Risk |
A chance of loss, no loss, or gain |
|
Credit Risk |
The risk that customers or other creditors will fail to make promised payments as they come due |
|
Subjective Risk |
The perceived amount of risk based on an individual's or organization's opinion |
|
Objective Risk |
The measurable variation in uncertain outcomes based on facts and data |
|
Diversifiable Risk |
A risk that affects only some individuals, businesses, or small groups |
|
Systemic Risk |
The potential for a major disruption in the function of an entire market or financial system |
|
Market Risk |
Uncertainty about an investment's future value because of potential changes in the market for that type of investment |
|
Liquidity Risk |
The risk that an asset cannot be sold on short notice without incurring a loss |
|
Risk Appetite |
Amount of risk an organization is willing to take on in order to achieve an anticipated result or return |
|
Value at Risk (VaR) |
A technique to quantify financial risk by measuring the likelihood of losing more than a specific dollar amount over a specific period of time |
|
Cost of Risk |
The total cost incurred by an organization because of the possibility of accidental loss |
|
Exposure |
Any condition that presents a possibility of gain or loss whether or not an actual loss occurs |
|
Volatility |
Frequent fluctuations, such as in the price of an asset |
|
Likelihood |
A qualitative estimate of the certainty with which the outcome of a specific event can be predicted |
|
Consequences |
The effects, positive or negative, of an occurence |
|
Time Horizon |
Estimated duration |
|
Correlation |
A relationship between variables |
|
Risk Control |
A conscious act or decision not to act that reduces the frequency and/or severity of losses or makes losses more predictable |
|
Energy Transfer Theory |
An approach to accident causation that views accidents as energy that is released and that affects objects, including living things, in amounts or at rates that the objects cannot tolerate |
|
Technique of Operations (TOR) |
An approach to accident causation that views the cause of accidents to be a result of managements shortcomings |
|
Change Analysis |
An analysis that projects the effects a given system change is likely to have on an existing system |
|
Job Safety Analysis (JSA) |
An analysis that dissects a repetitive task, whether performed by a person or machine, to determine potential hazards if each action is not performed |
|
Casual Factors |
The agents that directly result in one event causing another |
|
Risk Treatment |
The selection and implementation of actions to help manage or mitigate risk |
|
Residual Risk |
The level of risk remaining after actions are taken to alter the level of risk |
|
Avoidance |
A risk control technique that involves ceasing or never undertaking an activity so that the possibility of a future loss occuring from that activity is eliminated |
|
Loss Prevention |
A risk control technique that reduces the frequency of a particular loss |
|
Loss Reduction |
A risk control technique that reduces the severity of a particular loss |
|
Risk Transfer |
The shifting of risk from one individual or organization to another |
|
Retention |
A risk financing technique that involves assumption of risk in which gains and losses are retained within the organization |
|
Risk Financing |
A risk management technique that includes steps to pay for or transfer the cost of losses |
|
Machine Learning |
AI in which computers continually teach themselves to make better decisions based on previous results and new data |
|
Hedging |
A financial transaction in which one asset is held to offset the risk associated with another asset |
|
Derivative |
A financial instrument whose value is derived from the value or an underlying asset, which can be an index, an asset, yield on an asset, weather conditions, inflation, loans, bonds, an insurance risk, or other items |
|
Diversification |
A risk control technique that spreads loss exposures over numerous projects, products, markets, or regions |
|
Insurance |
A risk management technique that transfers the potential financial consequences of certain specified loss exposures from the insured to the insurer |
|
Waiver |
The intentional relinquishment of a known right |
|
Exculpatory Clause/Agreement |
A contractual provision purporting to excuse a party from liability resulting from negligence or an otherwise wrongful act |
|
Hold-Harmless/Indemnity Agreement |
A contractual provision that obligated one of the parties to assume the legal liability of another party |
|
Windstorm |
A storm consisting of violent wind capable of causing damage |
|
Tornado |
A type of violent windstorm that consists of winds rotating at speeds of up to 300 miles per hour; a partial vacuum develops at the center of the storm |
|
Box Action Design |
Earthquake construction, used in buildings under three stories tall, that integrates roof and floor diaphragms that can flex to transmit and distribute the forces an earthquake exerts on a structure |
|
Frame Action Design |
Earthquake - Resistant construction that relies on the resilience of steel or specially designed reinforced concrete to absorb energy whole.undergoing considerable distortion and return to their original shapes |
|
Book Value (Net Depreciated Value) |
An asset's historical cost minus accumulated depreciation |
|
Historical Cost |
The original cost of a property |
|
Replacement Cost |
The cost or.repair or replace property using new materials of like kind and quality with no deduction for depreciation |
|
Functional Replacement Cost |
The cost of replacing damaged property with similar property that performs the same function but might not be identical to the damaged property |
|
Market Value |
The price at which a particular piece of property could be sold on the open market by an unrelated buyer and seller |
|
Economic Value |
Then amount that property is worth based on the ability of the property to produce income |
|
Fiduciary Duty |
The duty to act in the best interest of another |
|
Key Risk Indicator (KRI) |
A tool used by an organization to measure the uncertainty of meeting a strategic business objective |
|
Exposure Indicator |
A metric used to identify risk inherent to an organizations operations |
|
Robotic Process Automation (RPA) |
A program that automated repetitive organizational processes. Most often used for administrative tasks, such as data entry |
|
Business Process Management (BPM) |
An enterprise - wide approach that looks to optimize business processes, making use of automatization when appropriate |