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50 Cards in this Set
- Front
- Back
risks are those judged to be too small to be of social concern, or too small to justify the use of risk-management resources for control. |
De minimis |
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is a process that defines risk tolerance and measures, monitors, and modifies risks to be in line with that tolerance. |
Risk Management |
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measures the probability and severity of loss or injury. |
Risks |
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refers to a lack of definite knowledge, a lack of sureness; doubt is its closest synonym. |
Uncertainty |
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are exposures that result from environmental conditions that the firm commonly cannot influence, such as the regulatory environment and market conditions. |
External Risks |
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are exposures that derive from decision-making and the use of internal and external resources, including the firm's operations and it's objectives. |
Internal Risks |
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are the risks caused by change of the political situation influencing business activity. |
Political Risks |
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provides a universal standard for practitioners and companies employing risk management process. |
ISO 31000 |
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the purpose of this step is to choose and apply risk management process. |
Risk Treatment |
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can be defined as the ratio of the number of favorable outcomes to the total number of outcomes of an event. |
Probability |
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are a tool in statistics that captures what the outcome will be “on average” when we can’t predict something with uncertainty. |
Expected Value |
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is a risk management tool used to calculate the expected values of different outcomes associated with a given decision or gamble. |
EMV Expected Monetary Value |
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this theory employs tools, procedures, and computer applications to arrive at an optimal decision. |
Normative Decision Theory |
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this theory employs various frameworks, hypothesis, and functions to comprehend practical actions that follow set a set of norms. |
Optimal Decision Theory |
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is a type of business risk that arises from within the corporation, especially when the day-to-day operations of a company fail to perform. |
Operational Risk |
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it allows for a more conservative approach to decision making, which can help protect against potential losses. |
Maximim Criterion |
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are just one way to represent decision choices involving risk. |
Decision Tree |
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involves making predictions about the future. |
Forecasting |
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are used to forecast future events based on previous events that have been observed and data collected at regular time intervals. |
Time series models |
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represents a system of hypothesis about interrelationships of variables when the model is constructed theoretically before the data is collected. |
Casual Models |
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are major risk area that requires attention, planning, and action. |
Regulatory Changes |
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refers to how an organization is directed and management. |
Organizational Governance |
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is a process that is used to help project managers identify all the risks embedded in a project. |
Root Cause Analysis |
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is a risk management technique to measure the strengths, weaknesses, opportunities, and threats of a project to help identify all the potential risks. |
SWOT Analysis |
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is a risk management tool that is normally made for IT projects, however, it can be implemented in company projects as well. |
Risk Assessment Template |
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refers to the assessment process that identifies the potential for any adverse events that may negatively affect organizations and the environment. |
Risk Analysis |
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are used to avoid time lag between the moment the action is performed and the reports. |
Real Time data and statistics |
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is beneficial for all kinds of businesses. It is the easiest type of technology that allows you to view the recent risks of a project, program, or a certain portfolio with just a few clicks. |
Risk Dashboard |
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is the next risk management technology you can consider. It makes your workflow easier and faster |
Automated Process |
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is essential in the process of making your risk management process easy and quick and to keep & Neglec on going towards business prosperity and sustainability without getting any major financial loss or obstacle. |
Risk Management Technology |
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is the backbone of effective risk management. |
Documentation |
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covers property used by your business against loss or damage. |
Property Insurance |
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Replaces a portion of lost wages for an employee who is injured on the job. |
Worker’s Compensation |
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Protects against internet-related risks such as data theft, or loss, as well extortion and hacking. |
Cyber Insurance |
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Provides additional liability coverage above the stated policy limits in other insurance policies. |
Umbrella Insurance |
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is a cooperative form of distributing a certain risk over a group of persons who are exposed to it. |
Insurance |
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Under ____________ risk analysis, a risk model is built using simulation or deterministic statistics to assign numerical values to risk. |
Quantitative |
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means protection against loss or damage. |
Indemnity |
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is a business that closes or ceases operations, causing the creditors to lose money. |
Business Failure |
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the loss of the positive image that maintains customer loyalty. |
Brand Erosion |
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can refer to both the risk in operating an organization and the processes management uses when implementing, training, and enforcing policies. |
Operational Risk |
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a business initiative that failed to produce the expected results |
Project Failure |
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the wrong person in the job. |
Bad Hires |
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change and the failure to manage it well is one of the major risks a company faces |
Mismanaged business transitions |
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__________ risk analysis is an analytical method that does not identify and evaluate risk with numerical and quantitative ratings. These include SWOT analysis, game theory and decision matrix. |
Qualitative |
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is the set of methods by which firms evaluate potential losses and take action to reduce or eliminate such threats. |
Risk Control |
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is the process of understanding certain risks and threats, accepting that they exist, and taking the appropriate measures to reduce their effects in case they happen. |
Risk Mitigation |
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The __________________ provides a process that integrates security, privacy, and cyber supply chain risk management activities into the system development life cycle. |
Risk Management Framework |
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is the process that ensures all company employees perform their duties in accordance with the risk management framework. |
Risk Governance |
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risk management framework is used for the management and governance of enterprise IT. |
COBIT or control objective for information and related technology |