- Control
- An action or process that reduces the likelihood or impact of a risk.
- Enterprise risk management
- A joined-up way of identifying, assessing and managing risks across a whole organisation.
- Heat map
- A chart that shows risks by likelihood and impact, so the biggest ones stand out.
- Inherent risk
- The level of a risk before any controls are taken into account.
- Key risk indicator
- A measure that gives early warning that a risk is growing.
- Residual risk
- The level of a risk that remains after controls are in place.
- Risk appetite
- The amount and type of risk an organisation is willing to take to reach its goals.
- Risk owner
- The person accountable for managing a specific risk.
- Risk register
- A record of an organisation's risks, their ratings, owners and actions.
- Risk tolerance
- The acceptable range of variation around a specific objective or risk.
- Third-party risk
- Risk that comes from suppliers, contractors and partners.