Risk response: Difference between revisions

From ACT Wiki
Jump to navigationJump to search
imported>Doug Williamson
(Layout.)
imported>Doug Williamson
(Add link.)
 
(One intermediate revision by the same user not shown)
Line 4: Line 4:


# 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 firm then retains, reduces or transfers the risk.
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 25: Line 25:
* [[Risk identification]]
* [[Risk identification]]
* [[Risk management]]
* [[Risk management]]
* [[Risk mitigation]]
* [[Risk reporting]]
* [[Risk reporting]]
* [[Transfer]]
* [[Transfer]]

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:

  1. Avoid the risk, or
  2. 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:

  1. Avoid
  2. Accept and retain
  3. Accept and reduce, or
  4. Accept and transfer.


See also