AS/NZ ISO 31000:2009 Risk Management Principles and Guidelines - Terms and definitions – Activity/Plan (Control) measures that modify risk including any process, policy, practice or other actions may not always exert the intended or assumed modifying effect – – – Residual Risk Analysis also known as risk’ is the risk remaining after risk treatment refer to – ‘retained – Risk Assessment overall process of risk identification, risk analysis and risk evaluation – Risk Criteria - reference against which the risk is evaluated refer to Appendix 1 Specific Risk Categories and TEQSA Regulatory Risk Indicators, weightings and explanations – Risk Identification process of finding, recognizing and describing risks – Risk Owner person with the accountability and authority to manage a risk – Risk Treatment risk treatments that deal with negative consequences are sometimes referred to as mitigation’, elimination,’, prevention’ and reduction’ – ‘risk ‘risk ‘risk ‘risk
AS/NZ ISO 31000:2009 Risk Management – Principles and Guidelines - Terms and definitions Activity/Plan (Control) – measures that modify risk – including any process, policy, practice or other actions – may not always exert the intended or assumed modifying effect Residual Risk Analysis – also known as ‘retained risk’ – is the risk remaining after risk treatment refer to Risk Assessment – overall process of risk identification, risk analysis and risk evaluation Risk Criteria - reference against which the risk is evaluated – refer to Appendix 1 Specific Risk Categories and TEQSA Regulatory Risk Indicators, weightings and explanations Risk Identification – process of finding, recognizing and describing risks Risk Owner – person with the accountability and authority to manage a risk Risk Treatment – risk treatments that deal with negative consequences are sometimes referred to as ‘risk mitigation’, ‘risk elimination,’, ‘risk prevention’ and ‘risk reduction’