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Video- Risk terminology (terminology in risk assessment (4 key terms…
Video- Risk terminology
terminology in risk assessment
Risk analysis
quantification/impact that situations,issues and events may have if they occur
Risk management
actions taken to reduce/remove risk
Risk perception
understanding and appreciation of risk
4 key terms
hazard
source of the risk- issue that has a negative impact- currency fluctuations
impact
types
operational
physical
reputational
financial
looks at the seriousness of what happens to the firm if risk happens
likelihood
chance its going to happen
estimation
risk
Probability harm will be done
product of impact and likelihood
key steps:
source
probability
impact
uses a risk assessment matrix