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The process of finding, recognizing, and describing risks that might affect an organization or project. Techniques include brainstorming, checklists, and expert interviews.

Assessment of the potential impact and probability of identified risks. Quantitative and qualitative methods are used, such as Monte Carlo simulations, or a risk matrix.

A broader term that includes risk identification and analysis to understand the overall level of risk facing an enterprise.

The process of ranking identified risks based on their impact and likelihood, to focus on the most significant ones.

A document that lists all identified risks, including a description, impact, likelihood, and mitigation strategies, typically used in a project management context.

Developing options and actions to enhance opportunities and reduce threats to project objectives. Includes strategies like avoid, transfer, mitigate, or accept.

Actions taken to reduce the probability and/or impact of a negative risk event to an acceptable threshold.

Shifting the impact of a risk to a third party, typically through insurance, contracts, or other financial instruments.

Changing a project plan to eliminate the risk or condition that creates the risk, often by changing scope or requirements.

Acknowledging that the risk exists and deciding not to change project plans to deal with the risk, usually for lower impact or likelihood risks.

The process of combining multiple risks to understand the overall level of risk, often using statistical models to quantify aggregate risk.

The amount and type of risk that an organization is willing to take in order to meet their strategic objectives.

The level of variation an organization is willing to withstand in relation to its risk appetite.

Boundary conditions set based on risk appetite and tolerance that constrain exposure to risks, often including certain thresholds or limits for specific risks.

The continuous process of tracking and recording the status of risks and the effectiveness of risk response measures.

A risk management technique that involves taking an offsetting position in a related security to manage financial risk exposures.

A process of analyzing possible future events by considering alternative possible outcomes (scenarios), often used for strategic planning.

The study of how the uncertainty in the output of a model can be apportioned to different sources of uncertainty in the model input.

The level of risk exposure due to a large single position or aggregate positions that are highly correlated, which may lead to potential significant losses.

Reducing risk by allocating investments or actions among various financial instruments, industries, or categories to minimize the impact of any one risk.

A simulation technique used to determine how different scenarios of extreme conditions will affect a company, investment or portfolio.

A problem-solving method used to identify the primary cause of a risk or problem in order to address the issue rather than its symptoms.

A statistical technique used to measure and quantify the level of financial risk within a firm, portfolio, or position over a specific time frame.

Metrics used to provide an early signal of increasing risk exposures in various areas of an organization.

The norms, attitudes, and behaviors related to risk awareness, risk taking, and risk management that exist within an organization.

The process for communicating information regarding risk exposures, risk management activities, and risk mitigation plans to stakeholders.

The level of risk that remains after controls and other risk response measures have been implemented.

A technique used by personnel in an organization to assess the effectiveness and efficiency of the business controls within their own operations.

Visual tools used in risk management to present the results of risk assessment activities, showing the probability and impact of different risks.

A holistic approach to manage all of the risks facing an organization, aligning risk appetite and strategy, enhancing risk response actions, and monitoring risk continuously.

Developing alternative plans of action that will be taken if an identified risk event occurs, to minimize its impact on the project.

Risk financing tool that transfers risk from an individual or business to an insurance company in exchange for a premium payment.

A diagrammatic way of showing the cause of a risk, its impacts, and the range of possible controls that could mitigate the risk.

A computational technique used to model the probability of different outcomes in a process that cannot easily be predicted due to the intervention of random variables.

A comprehensive appraisal of a business or an investment opportunity to establish its assets, liabilities, and evaluate its potential.

A discipline involving policies and procedures used to deal with major events that threaten to harm an organization or its stakeholders.

A proactive planning process that ensures critical services or products are delivered during a disruption.

A systematic approach to identifying, assessing, managing, and monitoring the risks associated with an organization's day-to-day operations.

A top-down, deductive analytical method used to evaluate the causes of hardware, software, and process failures.

The design and implementation of processes, policies, and tools necessary to ensure an organization's compliance with laws, regulations, and standards.