Loss control, loss financing, and risk reduction methods used to manage risks.
RISK MANAGEMENT TECHNIQUES
Category: R
RISK MATRIX
A table used in analysising risks where the rows show risks and columns show probability of occurence.
RISK CHARACTERIZATION
1. Corporate. The component of risk assessment where risks have been ranked according to their severity and extent. 2. Food industry. According to WHO/FAO the integration of identification of hazards and the assessment of exposure to hazards into the risk estimation.
RISK CLASSIFICATION
The grouping of risks by their likely impact or estimated costs, occurence and any measures required to counter them.
RISK COMMUNICATION
The effective communication between those who determine risks and those responsible for minimising and assessing the risks.
RISK CONDITION
The description of effects that might occur under assumptions of the planand its impact on resources that support the plan.
RISK CURVE
The display on a graph of 2 variables where financial reward is plotted against financial risk. The type of risk is also indicated.
RISK DISCLOSURE DOCUMENT
A document that discloses any potential risks.
RISK DIVERSIFICATION
The allocation of risk in proportion to all the parties of a contract. Also known as risk allocation.
RISK ENGINEERING
The application of methods of engineering to the management of risks.