occur. (Often informally referred to as likelihood or chance. See Likelihood for distinction in usage between likelihood and probability). Impact (or The effect or outcome of an event affecting objectives, which Consequence) may be expressed, by terms including, although not limited to health, safety, reliability, economic and/or environmental damage. Mitigation Measure or activity proposed or in process designed to reduce the impact/consequences and/or likelihood/probability of an event. Outcome The resolution or end result Risk Driver Factor(s) that could cause one or more risks to occur (Risk driver may also be commonly referred to as “threat”). Risk Response Collection of mitigations Plan Control Currently established measure that is modifying risk Alternative Evaluation of different alternatives available to mitigate risk Analysis Residual Risk Risk remaining after current controls. Planned or Risk remaining after implementation of proposed mitigations. Forecasted Residual Risk Risk Numerical representation of qualitative and/or quantitative risk assessment that is typically used to relatively rank risks and may change over time. Risk Tolerance Maximum amount of residual risk that an entity or its stakeholders are willing to accept after application of risk control or mitigation. Risk tolerance can be influenced by legal or regulatory requirements. Parties’ Comments Both the Joint Utilities and CUE agree with the proposed Working Group Lexicon, and the two proposed changes proposed in the SED Staff Report.
occur. (Often informally referred to as likelihood or chance. See Likelihood for distinction in usage between likelihood and probability). Impact (or Consequence) The effect or outcome of an event affecting objectives, which may be expressed, by terms including, although not limited to health, safety, reliability, economic and/or environmental damage. Mitigation Measure or activity proposed or in process designed to reduce the impact/consequences and/or likelihood/probability of an event. Outcome The resolution or end result Risk Driver Factor(s) that could cause one or more risks to occur (Risk driver may also be commonly referred to as “threat”). Risk Response Plan Collection of mitigations Control Currently established measure that is modifying risk Alternative Analysis Evaluation of different alternatives available to mitigate risk Residual Risk Risk remaining after current controls. Planned or Forecasted Residual Risk Risk remaining after implementation of proposed mitigations. Risk Numerical representation of qualitative and/or quantitative risk assessment that is typically used to relatively rank risks and may change over time. Risk Tolerance Maximum amount of residual risk that an entity or its stakeholders are willing to accept after application of risk control or mitigation. Risk tolerance can be influenced by legal or regulatory requirements. Parties’ Comments Both the Joint Utilities and CUE agree with the proposed Working Group Lexicon, and the two proposed changes proposed in the SED Staff Report.
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