100 relations: Act of God, Aircraft hijacking, Airplane, Analysis of Alternatives, Asset and liability management, Balance sheet, Basel II, Black swan theory, BT Centre for Major Programme Management, Business continuity, Business process, Capital requirement, Catastrophe modeling, Common cause and special cause (statistics), Corporate finance, Cost accrual ratio, Cost–benefit analysis, Credit risk, Crisis communication, Davos, Defense Acquisition University, Disaster risk reduction, Enterprise risk management, Environment, health and safety, Environmental Risk Management Authority, Event chain methodology, Failure mode and effects analysis, Fault tree analysis, Fire, Fire sprinkler, Flood risk assessment, Food and Drug Administration, Futures studies, Futurist, Halomethane, Hazard analysis, Hazard and operability study, Industrial processes, Information security, Interest rate risk, International Disaster and Risk Conference, International Institute of Risk & Safety Management, International Organization for Standardization, ISACA, ISO 31000, ISO/IEC 27001, IT risk, Knowledge, Legal liability, Loss-control consultant, ..., Margin at risk, Market risk, Megaproject, National Institute of Standards and Technology, National Safety Council, Network theory in risk assessment, Operational risk, Opportunity cost, Optimism bias, Outsourcing, Pest risk analysis, Precautionary principle, Probability, Profit at risk, Project, Project Management Institute, Project stakeholder, Real property, Reference class forecasting, Representativeness heuristic, Residual risk, Risk, Risk analysis (business), Risk analysis (engineering), Risk appetite, Risk assessment, Risk control strategies, Risk IT, Risk management plan, Risk matrix, RMS Titanic, Root cause, Roy's safety-first criterion, Safety case, SANS Institute, Scenario analysis, Security controls, Seismic hazard, Self-insurance, Sendai Framework for Disaster Risk Reduction, Spreadsheet, Strategy, Technical standard, Threat, Uncertainty, Value (economics), Value (ethics), Value at risk, Vulnerability, War. Expand index (50 more) » « Shrink index
In legal usage throughout the English-speaking world, an act of God is a natural hazard outside human control, such as an earthquake or tsunami, for which no person can be held responsible.
Aircraft hijacking (also air piracy or aircraft piracy, especially within the special aircraft jurisdiction of the United States and in the US state of Mississippi, and as skyjacking in some nations) is the unlawful seizure of an aircraft by an individual or a group.
An airplane or aeroplane (informally plane) is a powered, fixed-wing aircraft that is propelled forward by thrust from a jet engine, propeller or rocket engine.
The Analysis of Alternatives (AoA) in the United States is a requirement of military acquisition policy, as controlled by the Office of Management and Budget (OMB) and the United States Department of Defense (DoD).
Initially pioneered by financial institutions during the 1970s as interest rates became increasingly volatile, asset and liability management (often abbreviated ALM) is the practice of managing risks that arise due to mismatches between the assets and liabilities.
In financial accounting, a balance sheet or statement of financial position is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as Government or not-for-profit entity.
Basel II is the second of the Basel Accords, (now extended and partially superseded by Basel III), which are recommendations on banking laws and regulations issued by the Basel Committee on Banking Supervision.
The black swan theory or theory of black swan events is a metaphor that describes an event that comes as a surprise, has a major effect, and is often inappropriately rationalized after the fact with the benefit of hindsight.
The BT Centre for Major Programme Management is an interdisciplinary research and center at University of Oxford on management of major programs, which are commonly also called "megaprojects".
Business continuity is the planning and preparation of a company to make sure it overcomes serious incidents or disasters and resumes its normal operations within a reasonably short period.
A business process or business method is a collection of related, structured activities or tasks that in a specific sequence produces a service or product (serves a particular business goal) for a particular customer or customers.
Capital requirement (also known as regulatory capital or capital adequacy) is the amount of capital a bank or other financial institution has to hold as required by its financial regulator.
Catastrophe modeling (also known as cat modeling) is the process of using computer-assisted calculations to estimate the losses that could be sustained due to a catastrophic event such as a hurricane or earthquake.
Common and special causes are the two distinct origins of variation in a process, as defined in the statistical thinking and methods of Walter A. Shewhart and W. Edwards Deming.
Corporate finance is the area of finance dealing with the sources of funding and the capital structure of corporations, the actions that managers take to increase the value of the firm to the shareholders, and the tools and analysis used to allocate financial resources.
The Cost Accrual Ratio for a business is the total average cost per person per unit time, e.g. average cost per day per person.
Cost–benefit analysis (CBA), sometimes called benefit costs analysis (BCA), is a systematic approach to estimate the strengths and weaknesses of alternatives (for example in transactions, activities, functional business requirements or projects investments); it is used to determine options that provide the best approach to achieve benefits while preserving savings.
A credit risk is the risk of default on a debt that may arise from a borrower failing to make required payments.
Crisis communication is a sub-specialty of the public relations profession that is designed to protect and defend an individual, company, or organization facing a public challenge to its reputation.
Davos (German pronunciation; Tavau, archaic Italian: Tavate) is an Alpine town, and a municipality in the Prättigau/Davos Region in the canton of Graubünden, Switzerland.
The Defense Acquisition University (DAU) is a corporate university of the United States Department of Defense offering "acquisition, technology, and logistics" (AT&L) training to military and Federal civilian staff and Federal contractors.
Disaster risk reduction (DRR) is a systematic approach to identifying, assessing and reducing the risks of disaster.
Enterprise risk management (ERM) in business includes the methods and processes used by organizations to manage risks and seize opportunities related to the achievement of their objectives.
Environment, health and safety (EHS) is a discipline and specialty that studies and implements practical aspects of environmental protection and safety at work.
The Environmental Risk Management Authority (ERMA) was a New Zealand government agency which controlled the introduction of hazardous substances and new organisms (invasive species and genetically modified organisms).
Event chain methodology is an uncertainty modeling and schedule network analysis technique that is focused on identifying and managing events and relationship between them (event chains) that affect project schedules.
Failure mode and effects analysis (FMEA)—also "failure modes", plural, in many publications—was one of the first highly structured, systematic techniques for failure analysis.
Fault tree analysis (FTA) is a top-down, deductive failure analysis in which an undesired state of a system is analyzed using Boolean logic to combine a series of lower-level events.
Fire is the rapid oxidation of a material in the exothermic chemical process of combustion, releasing heat, light, and various reaction products.
A fire sprinkler or sprinkler head is the component of a fire sprinkler system that discharges water when the effects of a fire have been detected, such as when a predetermined temperature has been exceeded.
A flood risk assessment (FRA) is an assessment of the risk of flooding from all flooding mechanisms, the identification of flood mitigation measures and should provide advice on actions to be taken before and during a flood.
The Food and Drug Administration (FDA or USFDA) is a federal agency of the United States Department of Health and Human Services, one of the United States federal executive departments.
Futures studies (also called futurology) is the study of postulating possible, probable, and preferable futures and the worldviews and myths that underlie them.
Futurists or futurologists are scientists and social scientists whose specialty is futurology or the attempt to systematically explore predictions and possibilities about the future and how they can emerge from the present, whether that of human society in particular or of life on Earth in general.
Halomethane compounds are derivatives of methane (CH4) with one or more of the hydrogen atoms replaced with halogen atoms (F, Cl, Br, or I).
Note: Parts of this article are written from the perspective of aircraft safety analysis techniques and definitions; these may not represent current best practice and the article needs to be updated to represent a more generic description of hazard analysis and discussion of more modern standards and techniques.
A hazard and operability study (HAZOP) is a structured and systematic examination of a complex planned or existing process or operation in order to identify and evaluate problems that may represent risks to personnel or equipment.
Industrial processes are procedures involving chemical, physical, electrical or mechanical steps to aid in the manufacturing of an item or items, usually carried out on a very large scale.
Information security, sometimes shortened to InfoSec, is the practice of preventing unauthorized access, use, disclosure, disruption, modification, inspection, recording or destruction of information.
Interest rate risk is the risk that arises for bond owners from fluctuating interest rates.
Organized and hosted by the Global Risk Forum The International Disaster and Risk Conference IDRC is a global gathering of experts for risk reduction, disaster management, and climate change adaptation.
The International Institute of Risk & Safety Management (IIRSM) is a professional membership body for safety practitioners worldwide.
The International Organization for Standardization (ISO) is an international standard-setting body composed of representatives from various national standards organizations.
ISACA is an international professional association focused on IT governance.
ISO 31000 is a family of standards relating to risk management codified by the International Organization for Standardization.
ISO/IEC 27001 is an information security standard, part of the ISO/IEC 27000 family of standards, of which the last version was published in 2013, with a few minor updates since then.
Information technology risk, IT risk, IT-related risk, or Cyber Risk is any risk related to information technology.
Knowledge is a familiarity, awareness, or understanding of someone or something, such as facts, information, descriptions, or skills, which is acquired through experience or education by perceiving, discovering, or learning.
In law, liable means "esponsible or answerable in law; legally obligated." Legal liability concerns both civil law and criminal law and can arise from various areas of law, such as contracts, torts, taxes, or fines given by government agencies.
A loss control consultant (also LCC or loss control representative) is someone who possess a demonstrable knowledge and / or education in arts and science of safety engineering and risk management.
The Margin-at-Risk (short: MaR) is a quantity used to manage short-term liquidity risks due to variation of margin requirements, i.e. it is a financial risk occurring when trading commodities.
Market risk is the risk of losses in positions arising from movements in market prices.
A megaproject is an extremely large-scale investment project.
The National Institute of Standards and Technology (NIST) is one of the oldest physical science laboratories in the United States.
The National Safety Council (NSC) is a 501(c)(3) nonprofit, nongovernmental public service organization promoting health and safety in the United States of America.
A network is an abstract structure capturing only the basics of connection patterns and little else.
Operational risk is "the risk of a change in value caused by the fact that actual losses, incurred for inadequate or failed internal processes, people and systems, or from external events (including legal risk), differ from the expected losses".
In microeconomic theory, the opportunity cost, also known as alternative cost, is the value (not a benefit) of the choice in terms of the best alternative while making a decision.
Optimism bias (also known as unrealistic or comparative optimism) is a cognitive bias that causes a person to believe that they are at a lesser risk of experiencing a negative event compared to others.
In business, outsourcing is an agreement in which one company contracts its own internal activity to a different company.
Pest risk analysis (PRA) is a form of risk analysis conducted by regulatory plant health authorities to identify the appropriate phytosanitary measures required to protect plant resources against new or emerging pests and regulated pests of plants or plant products.
The precautionary principle (or precautionary approach) generally defines actions on issues considered to be uncertain, for instance applied in assessing risk management.
Probability is the measure of the likelihood that an event will occur.
Profit-at-Risk (PaR) is a risk management quantity most often used for electricity portfolios that contain some mixture of generation assets, trading contracts and end-user consumption.
Contemporary business and science treat as a project any undertaking, carried out individually or collaboratively and possibly involving research or design, that is carefully planned (usually by a project team) to achieve a particular aim.
The Project Management Institute (PMI) is a US nonprofit professional organization for project management.
According to the Project Management Institute (PMI), the term project stakeholder refers to, "an individual, group, or organization, who may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project" (Project Management Institute, 2013).
In English common law, real property, real estate, realty, or immovable property is land which is the property of some person and all structures (also called improvements or fixtures) integrated with or affixed to the land, including crops, buildings, machinery, wells, dams, ponds, mines, canals, and roads, among other things.
Reference class forecasting or comparison class forecasting is a method of predicting the future by looking at similar past situations and their outcomes.
The representativeness heuristic is used when making judgments about the probability of an event under uncertainty.
The residual risk is the risk or danger of an action or an event, a method or a (technical) process that, although being abreast with science, still conceives these dangers, even if all theoretically possible safety measures would be applied (scientifically conceivable measures); in other words, the amount of risk left over after natural or inherent risks have been reduced by risk controls.
Risk is the potential of gaining or losing something of value.
Risk analysis is a technique used to identify and assess factors that may jeopardize the success of a project or achieving a goal.
Risk analysis is the science of risks and their probability and evaluation.
Risk appetite is a concept to help guide an organization's approach to risk and risk management.
Risk assessment is the determination of quantitative or qualitative estimate of risk related to a well-defined situation and a recognized threat (also called hazard).
Risk Control Strategies are the defensive measures utilized by IT and InfoSec communities to limit vulnerabilities and manage risks to an acceptable level.
Risk IT provides an end-to-end, comprehensive view of all risks related to the use of information technology (IT) and a similarly thorough treatment of risk management, from the tone and culture at the top, to operational issues.
A risk management plan is a document that a project manager prepares to foresee risks, estimate impacts, and define responses to issues.
A risk matrix is a matrix that is used during risk assessment to define the level of risk by considering the category of probability or likelihood against the category of consequence severity.
RMS Titanic was a British passenger liner that sank in the North Atlantic Ocean in the early hours of 15 April 1912, after colliding with an iceberg during its maiden voyage from Southampton to New York City.
A root cause is an initiating cause of either a condition or a causal chain that leads to an outcome or effect of interest.
Roy's safety-first criterion is a risk management technique that allows an investor to select one portfolio rather than another based on the criterion that the probability of the portfolio's return falling below a minimum desired threshold is minimized.
A Safety Case is a structured argument, supported by evidence, intended to justify that a system is acceptably safe for a specific application in a specific operating environment.
The SANS Institute (officially the Escal Institute of Advanced Technologies) is a private U.S. for-profit company founded in 1989 that specializes in information security, cybersecurity training and selling Certificates.
Scenario analysis is a process of analyzing possible future events by considering alternative possible outcomes (sometimes called "alternative worlds").
Security controls are safeguards or countermeasures to avoid, detect, counteract, or minimize security risks to physical property, information, computer systems, or other assets.
A seismic hazard is the probability that an earthquake will occur in a given geographic area, within a given window of time, and with ground motion intensity exceeding a given threshold.
Self-insurance describes a situation in which a person does not take out any third party insurance.
The Sendai Framework for Disaster Risk Reduction (2015-2030) is an international document which was adopted by UN member states between 14th and 18th of March 2015 at the World Conference on Disaster Risk Reduction held in Sendai, Japan and endorsed by the UN General Assembly in June 2015.
A spreadsheet is an interactive computer application for organization, analysis and storage of data in tabular form.
Strategy (from Greek στρατηγία stratēgia, "art of troop leader; office of general, command, generalship") is a high-level plan to achieve one or more goals under conditions of uncertainty.
A technical standard is an established norm or requirement in regard to technical systems.
A threat is a communicated intent to inflict harm or loss on another person.
Uncertainty has been called "an unintelligible expression without a straightforward description".
Economic value is a measure of the benefit provided by a good or service to an economic agent.
In ethics, value denotes the degree of importance of some thing or action, with the aim of determining what actions are best to do or what way is best to live (normative ethics), or to describe the significance of different actions.
Value at risk (VaR) is a measure of the risk of loss for investments.
Vulnerability refers to the inability (of a system or a unit) to withstand the effects of a hostile environment.
War is a state of armed conflict between states, societies and informal groups, such as insurgents and militias.
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