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Risk terminology - Coggle Diagram
Risk terminology
Hazard
issue of situation that has the potential to have a negative effect on an organisation
Source of the risk
anything that may cause harm
Risk matrix
identify a source of risk
give us the risk probability that the risk will happen
Establish how likely this will happen
determine how much of an impact it will have on the organisation
Managing risk
recover from an event
have a recovery plan
reduce the likelihood
regular maintenance procedures
reduce impact
have a contingency plan
Risk perception
the understanding and appreciation of risk
Risk analysis
Quantification of the likelihood and impact that situations, issues and events may have.
Risk Management
is action taken to actively reduce and remove exposure to risk
Impact
Looks at the seriousness at what happens to the organisation
Financial
Extent of the harm that could be caused
Minor
inconvenient
Major
problematic
Negligible
hardly noticed
Severe
Business threat
Reputation
Operational
Physical
Likelihood
estimation that the problem might arise
Unlikely
can be based on
organisational history
industry figures
personal experience
Likely
Rare
Almost certain
Risk
combination of impact and likelihood
Risk
Resilience