The set of policies, procedures, and organizational structures that influence the effectiveness of internal controls and risk management activities.
Quantifiable metrics or measures used to monitor and assess the likelihood or impact of specific risks over time.
The process of understanding and evaluating risks by assessing their likelihood, impact, and interdependencies to inform risk management decisions.
The level of risk that an organization is willing to accept or tolerate in pursuit of its objectives, often defined in terms of risk tolerance thresholds.
The systematic process of evaluating the likelihood and impact of risks to determine their significance and prioritize response actions.
The process of sharing information about risks, their potential impact, and risk management strategies with stakeholders to facilitate information.
The process of identifying, assessing, prioritizing, and mitigating risks to an organization's objectives, assets, operations, or reputation.
A structured approach that helps organizations identify, assess, and prioritize risks and implement controls to mitigate those risks.
The implementation of strategies, controls, or measures to reduce the likelihood or impact of identified risks to an acceptable level.
The ongoing process of tracking, reviewing, and reporting on risks to ensure that risk management activities remain effective and responsive to changes.
A documented list of identified risks, including their descriptions, likelihood, impact, and mitigation strategies.
The level of risk that remains after implementing risk mitigation measures or controls to reduce the impact or likelihood of a potential threat.
The options or courses of action available to address identified risks, including avoidance, mitigation, transfer, or acceptance.
