Glossary Of Risk-related Technical Terms
foboni@riskope.comcoboni@riskope.comGlossary of risk-related technical terms 41-79-621 8795 1-604-341 4485Glossary of risk-related technical termsThis Glossary of risk-related technical terms aims at solving a pain-point common tomining and oil and gas, natural resources in general, but also in other industries. Thepain-point was recently and eloquently described at a conference in London.Twenty years ago (1997) Franco Oboni participated in a IUGS workshop in Honolulu. Theworkshop resulted in a first attempt to define a Glossary of risk-related technical termsspecific to Quantitative Risk Assessment for Slopes and Landslides (IUGS, Working Groupon Landslides, Committee on Risk Assessment, Quantitative Risk Assessment for Slopesand Landslides: The State of the Art, IUGS Proceedings, Honolulu, Balkema, 1997). Sincethen the Glossary of risk-related technical terms has kept evolving to be applicable toother fields of business and industries.Glossary of risk-related technical terms evolutionIn 2007 in the book entitled Improving Sustainability through Reasonable Risk and CrisisManagement, in Appendix 1, Riskope presented a first significant evolution which hadbeen used extensively in proposals and reports to eliminate any misunderstanding withRiskope's existing and prospective clients. Years of practice had already shown therobustness of the Glossary of risk-related technical terms. It was noted that the Glossaryof risk-related technical terms was very similar to the one proposed by the Third WorkingDraft of Risk Management Terminology (ISO/TM WG on Risk Management Terminology,Doc. N. 33, Jan 2000).Glossary of risk-related technical terms compliant with most international codesAnother ten years of research and practice have led to the version of the Glossary of riskrelated technical terms we are pleased to deliver below. The Glossary is compatible withmost recent international codes such as, for example: Oboni Riskope AssociatesInc. www.riskope.comPage 1 of 14Vancouver 2017-08-04
Glossary of risk-related technical termsfoboni@riskope.comcoboni@riskope.com 41-79-621 8795 1-604-341 4485ISO 31000:2009 – Risk Management ) and in particular theISO Guide 73:2009 Risk management – Vocabulary (last reviewed in 2016)(https://www.iso.org/standard/44651.html)ISO 22301:2012 Societal security -- Business continuity management systems --Requirements (https://www.iso.org/standard/50038.html)ISO 55000:2014 Preview Asset management -- Overview, principles andterminology (https://www.iso.org/standard/55088.html)Glossary of risk-related technical terms, by C. Oboni, F. Oboni, Oboni RiskopeAssociates Inc., LINK , 2017.AAccidentAn event that is without apparent causes or is unexpected. Generally anunfortunate event, possibly causing physical harm or damage broughtabout unintentionally. e-accidents-consequences sThe personalist (subjectivist) or Bayesian view considers the probabilityof occurrence of an event as the degree of belief that the event willoccur, given the level of knowledge presently available. In this view,estimates are considered “first or a priori” estimates, to be perfectedwith updates whenever further information becomes available. See alsoprobabilities (concept and numerical). ditional-knowledge-riskassessments/Business asusualThe variability of any parameter as considered and specified in thedesign is “business as usual” and does not represent a hazard. Forexample, the variation of the oil price of 10% in a project could beconsidered as “business as usual” is so specified, whereas 30% wouldbe a hazard. The hazard and its consequences are always subject touncertainties. ot-based-instinctualdecision-making/ Oboni Riskope AssociatesInc. www.riskope.comPage 2 of 14Vancouver 2017-08-04
Glossary of risk-related technical ontinuityPlanning(BCP) 41-79-621 8795 1-604-341 4485Business Continuity Planning. It identifies an organization's exposure tointernal and external threats, synthesizes hard and soft assets toprovide effective prevention and recovery for the organization, whilemaintaining competitive advantage and value system integrity. A BCP isa roadmap for continuing operations under adverse conditions such as aextreme storms or a cyber attacks. In the US, governmental entitiesrefer to the process as Continuity of Operations Planning (COOP).Business continuity planning is often used to refer to those activitiesassociated with preparing documentation to assist in the continuingavailability of property, people and information and processes. ecision-making/BusinessBusiness Impact Analysis is a systematic process to determine andImpactevaluate the potential effects of an interruption to critical businessAnalysis (BIA) operations as a result of a disaster, accident or emergency.BusinessBusiness Interruption which can be valuated in duration (days, week,Interruption months) or monetary terms (M ).(BI) /CCatastropheA great and usually sudden disruption of the human ecology oroperation which exceeds the capacity of the community or operation tofunction normally, unless disaster preparedness and mitigativemeasures are in place. -of-deal-failures-and -industry-vs-environmental-catastrophes/CommonItem or process failures resulting from a single shared (common root)Cause Failure cause and coupling factor(s) or mechanisms leading to /training/specific expert knowledge/safety%20assessment/IV%203 7.2%20CCF%20Analysis%20(Coment1).pdffor details.Consequence A holistic consequence function integrating all dimensions considered infunctiona risk assessment, such as, for example: health and safety,environmental, economic and financial direct and indirect effects. k-for-disaster-risk l-impacts-where-lies-the-difference/ Oboni Riskope AssociatesInc. www.riskope.comPage 3 of 14Vancouver 2017-08-04
Glossary of risk-related technical termsfoboni@riskope.comcoboni@riskope.com 41-79-621 8795 1-604-341 4485Contingencies When evaluating a project/operation contingencies should include“business as usual” variations and risks. ntA risk assessment that looks at a silos-free system where physical,informational, operational silos converge in a single platform.Convergent risk assessments have to be holistic by definition. An holisticrisk assessment is not necessarily convergent as it can be performedwithin a siloed system (e.g. a certain type of process within a company,certain operations, etc.). ibility(CSR)Corporate Social Responsibility is a business approach that contributesto sustainable development by delivering economic, social andenvironmental benefits for all stakeholders. CSR is a very broad conceptthat addresses many and various topics such as human rights, corporategovernance, health and safety, environmental effects, workingconditions and contribution to economic development. CSR and Riskassessment should share many, if not all, dimensions related toperformance criteria and consequences. Thus they should always beconsidered as synergistic and aiming toward a common goal of longterm sustainability and enhanced resilience. Adapted fromhttp://lexicon.ft.com/Term?term corporate-social-responsibility--(CSR ) ing-oil/Cost ofA measure of the impact of a hazard on potential receptors, obtainedconsequences through a consequence function integrating various components such asdirect costs, replacement costs, indirect costs (loss of business etc.),social costs, political costs, public reaction costs etc.Credibilitythreshold ohazards-multidimensional-consequences-analysis/ aster-cumulativedamages-effects/A probability of 10-5 -10-6 per year is commonly considered as thethreshold value of human credibility. Going below would require solidevidence. obabilities-frequencies/CrisisA decisive moment, particularly in times of danger or difficulty. is-of-mine-wastewater-and-CrisisA set of techniques that manage the public relations and media relationscolorado-state-of-emergency/ Oboni Riskope AssociatesInc. www.riskope.comPage 4 of 14Vancouver 2017-08-04
Glossary of risk-related technical t(CM) 41-79-621 8795 1-604-341 4485implications of crisis situations that have the potential to damage ordestroy the image and/or function of an organization. Crisismanagement is also an organizational discipline involving logisticsexperts, security managers and technical communications experts. entPlanA CM Plan is the compass in the middle of the fog, i.e. in a crisis. A CMPlan encompasses several components. ionTrees, EventTreesDecision support tools using a graph or model of decisions and theirpossible consequences, including chance event outcomes, resourcecosts, and utility. A decision tree can be used to prioritize strategies. Acommon use of event trees is for calculating conditional probabilities. 5/02/26/event-tree-analysis-eta/A disaster is any nefarious event that will significantly affect societal orbusiness' operations: "Traditional" disasters include fires, floods,hurricanes and earthquakes. "Non-traditional" disasters may includeterrorist strikes, toxic waste dispersions, computer system crashes andlabor strikes. ry/ saster-flashback/DisasterA DRP consist of two parts: "Disaster recovery", i.e. the process ofRecovery &restoring the ability to operate; and "Business resumption", i.e. theBusinessprocess of re-opening each of the facility components. See for .pdf for details.Planning (DRP& BRP)EElement (ornode)These are the physical or logical constituents of the system. They arethe vertices of the system map/graph with the vectors joining themrepresenting the flow of resources (raw material, fluids, gases, finances,information, people, etc.) rent-and-scalable-risk-assessments/An unforeseen combination of circumstances or the resulting state thatcalls for immediate action. An urgent need for assistance or relief as in: Oboni Riskope AssociatesInc. www.riskope.comPage 5 of 14Vancouver 2017-08-04
Glossary of risk-related technical termsfoboni@riskope.comcoboni@riskope.com 41-79-621 8795 1-604-341 4485"the governor declared a state of emergency after the flood". ms-in-santiago-de-chile-and-toronto/Methods and processes used by organizations to manage upside ordownside risks. ERM provides a framework for risk management (SeeRisk Management), which typically involves identifying particular eventsor circumstances relevant to the organization's objectives (risks andopportunities), assessing them in terms of likelihood and cost ofconsequences, determining a response strategy, and monitoringprogress. By identifying and proactively addressing risks andopportunities, business enterprises protect and create value for all theirstakeholders. king-process/FFailure criteriaSee Performance CriteriaForce Majeure A term used in contracts to define events which are considered an Act ofClausesGod. An event at or below human credibility (less than 1/100,000 to1/1,000,000).Frequency osts-and-litigation-potential/ agement/Frequency or relative frequency is a proportion measuring how often orhow frequently something occurs in a sequence of observations.The frequency interpretation of probability, in which probabilities areunderstood as mathematically convenient approximations of long-runrelative frequencies, can also be used. In the frequentist view ofprobabilities, the probability of an event is defined as the frequency withwhich it occurs in a long sequence of similar trials. For example, in thetoss of a coin, the frequentist approach says that the probability of ahead is 0.5, i.e. that the long run frequency converges towards 0.5when the number of tosses increases. In the case of a coin toss, fewwould question this definition, but if the analysis focuses on, forexample, estimation of the occurrence of a unique event (a terroristattack against a facility), the long-run aspect of this approach is clearlynon-applicable. See also probabilities (concept and numerical). and-portfolio-risk/ Oboni Riskope AssociatesInc. www.riskope.comPage 6 of 14Vancouver 2017-08-04
Glossary of risk-related technical termsfoboni@riskope.comcoboni@riskope.com 41-79-621 8795 1-604-341 4485HHazardA condition with the potential to cause undesirable consequences. Anevent-scenario, a person or a group of persons, a behaviour, etc. with acertain likelihood of occurrence and potential consequences on thesystem can be hazards. Hazards do not need to be events (quake,typhoon, etc.). as described in the examples below: a potentially unstable rock of a given magnitude (for example,volume of sliding mass). a family of terrorist groups a certain type of corrupting agents arrogance leading to excessive audacity in design etc. https://www.riskope.com/2015/01/08/hazop/HazardA phase of a Risk Assessment during which Hazards are Identified asIdentification well as related potential consequences. Hazard identification answers(HI)the question, “What can go wrong?” HazardManagement(HM)Holistic entification-interviews/The set of techniques used to define hazards and to rate them in termsof likelihood or magnitude and then decide mitigations based on thosefactors. Hazard Management is not equivalent to Risk Managementwhich prioritizes risks and uses tolerance criteria to define mitigativeactions. See, for h&safety/hazardmanagement.shtml for details.or 360-degrees risk assessment. A Risk assessment (See riskassessment) including all hazards to the system under assessment (eg.cyber, terrorism, natural, etc.). n event or occurrence that attracts general attention or that isotherwise noteworthy in some way. Not to be confused with an accident. essons-learned-tailingsdams-failures/Interdependen A chain reaction that occurs when a small change causes a changecies andnearby, which then causes another change, and so on in lineardomino effects sequence. It typically refers to a linked sequence of events where thetime between successive events is relatively small. It can be usedliterally (an observed series of actual collisions) or metaphorically Oboni Riskope AssociatesInc. www.riskope.comPage 7 of 14Vancouver 2017-08-04
Glossary of risk-related technical termsfoboni@riskope.comcoboni@riskope.com 41-79-621 8795 1-604-341 4485(causal linkages within systems such as global finance or politics). transparent-and-scalable-risk-assessments/The tolerance threshold defined for a risk assessment splits the riskspace in two main regions encompassing respectively the tolerable andthe intolerable risks. See Quantitative Risk Tolerance (or tolerability)Curves (QRTC); tolerable risks. entical-single-accidents ngerous-goods/MMitigationMeasures and activities implemented with the goal of reducing thehazard (probability of occurrence). / t-satisfied-probabilityassessments/ ability-concepts-appliedoroville-dam/NNear missAn incident that didn't evolve into an accident. -human-biases/Normalization The behavioural process by which people within an organization becomeof devianceso accustomed to a deviant anomalous behaviour or event that theyconsider it as normal, despite the fact that it exceeds the initial designcriteria, rules of safety or industry standards. ppen-overnight/PPerformancecriteriaThe performance criteria is the set of criteria for which the system isdesigned/created.The performance criteria is generally multidimensional including forexample: production, maintenance, energy use, health and safety,environmental and social impacts, share value, financials, etc.If the performance criteria is not met then the system is failed and risksare generated. The nemesis of the performance is the failure.When performing a risk assessment it is paramount to understand themetric (“viewing angle” e.g. corporate, investor, regulators, public) ofthe performance criteria. Oboni Riskope AssociatesInc. www.riskope.comPage 8 of 14Vancouver 2017-08-04
Glossary of risk-related technical termsfoboni@riskope.comcoboni@riskope.com 41-79-621 8795 1-604-341 4485Sometimes a unified “multi-dimensional” metric is used.Probabilities(concept) -gold-mi
on Landslides, Committee on Risk Assessment, Quantitative Risk Assessment for Slopes and Landslides: The State of the Art, IUGS Proceedings, Honolulu, Balkema, 1997). Since then the Glossary of risk-related technical terms has kept evolving to be applicable to other fields of business and industries. Glossary of risk-related technical terms .
Mathematics — Glossary Page 1 – 2014–15 NYSAA Frameworks Glossary – Mathematics Mathematics Glossary A Mathematics Toolkit, i
ITIL Glossary of Terms, Definitions and Acronyms in Hungarian, V3.1.24.h2.5, 24 February 2008, prepared by itSMF Hungary 1 ITIL V3 Hungarian Glossary Notes: 1. This ITIL V3 Hungarian Glossary (internal version: 2.5) is the itSMF Hungary's official translation of ITIL V3 Glossary of Terms, Definitions and Acronyms (version 3.1.24). 2. The Hungarian ITIL Terms have a relatively long .
Risk Matrix 15 Risk Assessment Feature 32 Customize the Risk Matrix 34 Chapter 5: Reference 43 General Reference 44 Family Field Descriptions 60 ii Risk Matrix. Chapter 1: Overview1. Overview of the Risk Matrix Module2. Chapter 2: Risk and Risk Assessment3. About Risk and Risk Assessment4. Specify Risk Values to Determine an Overall Risk Rank5
Risk is the effect of uncertainty on objectives (e.g. the objectives of an event). Risk management Risk management is the process of identifying hazards and controlling risks. The risk management process involves four main steps: 1. risk assessment; 2. risk control and risk rating; 3. risk transfer; and 4. risk review. Risk assessment
Mentor Graphics Glossary, B.1 v About This Manual The Mentor Graphics Glossary contains an alphabetic list of terms that are related to Mentor Graphics tools. To display the first page of the Glossary entries for a particular letter, click on that letter at the top of the page. If a letter spans more
81. Risk Identification, page 29 82. Risk Indicator*, page 30 83. Risk Management Ω, pages 30 84. Risk Management Alternatives Development, page 30 85. Risk Management Cycle, page 30 86. Risk Management Methodology Ω, page 30 87. Risk Management Plan, page 30 88. Risk Management Strategy, pages 31 89. Risk
1.5 Tactical Risk Decisions and Crisis Management 16 1.5.1 Risk preparation 17 1.5.2 Risk discovery 17 1.5.3 Risk recovery 18 1.6 Strategic Risk Mitigation 19 1.6.1 The value-maximizing level of risk mitigation (risk-neutral) 19 1.6.2 Strategic risk-return trade-o s for risk-averse managers 20 1.6.3 P
Introduction to Qualitative Field Research 3 01-Bailey-(V-5).qxd 8/14/2006 6:24 PM Page 3. He observed, interviewed, and took photographs of them, even one of “Primo feeding cocaine to Caesar on the benches of a housing project courtyard” (p. 101). Purpose of Research and Research Questions Although all field research takes place within natural settings, it serves different purposes. It is .
