Risk response: Difference between revisions
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imported>Doug Williamson (Add link.) |
imported>Doug Williamson (Add link.) |
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''Risk management.'' | |||
A choice in relation to an identified risk which can be categorised broadly as the decision whether to: | A choice in relation to an identified risk which can be categorised broadly as the decision whether to: | ||
# Avoid the risk, or | # Avoid the risk, or | ||
# Accept it. | # Accept it in whole or in part. | ||
The broad choice to 'accept' a risk can be further classified according to whether the | The broad choice to 'accept' a risk can be further classified according to whether the organisation then retains, reduces or transfers the risk. | ||
Using this model, the classes of potential risk responses are therefore four, namely: | Using this model, the classes of potential risk responses are therefore four, namely: | ||
| Line 16: | Line 18: | ||
==See also== | ==See also== | ||
* [[ | * [[Guide to risk management]] | ||
* [[Insurance]] | * [[Insurance]] | ||
* [[Reduce]] | * [[Reduce]] | ||
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* [[Risk identification]] | * [[Risk identification]] | ||
* [[Risk management]] | * [[Risk management]] | ||
* [[Risk mitigation]] | |||
* [[Risk reporting]] | * [[Risk reporting]] | ||
* [[Transfer]] | * [[Transfer]] | ||
[[Category:Financial_risk_management]] | [[Category:Financial_risk_management]] | ||
[[Category:Manage_risks]] | [[Category:Manage_risks]] | ||
Latest revision as of 11:43, 1 December 2021
Risk management.
A choice in relation to an identified risk which can be categorised broadly as the decision whether to:
- Avoid the risk, or
- Accept it in whole or in part.
The broad choice to 'accept' a risk can be further classified according to whether the organisation then retains, reduces or transfers the risk.
Using this model, the classes of potential risk responses are therefore four, namely:
- Avoid
- Accept and retain
- Accept and reduce, or
- Accept and transfer.
