Risk Acceptance

1. Risk Acceptance is to make an informed decision to accept the likelihood and impact of a particular risk. Risk Acceptance depends on risk criteria and the risk appetite of Top Management. Related Terms: Risk Treatment, Risk Tolerance, Residual Risk. Analysing And Reviewing The Risks For Business Continuity Planning BCMBoK Competency Level BCMBoK 2: Risk Analysis & Review CL 2B: Intermediate (BC) BCMBoK Competency Level BCMBoK 2: Risk Analysis & Review CL 2C: Intermediate (CM) BCMBoK Competency Level BCMBoK 2: Risk Analysis & Review CL 2D: Intermediate (DR)   Courses Attend: Classroom: Risk Analysis Courses Attend: Classroom: Competency-based Risk Analysis Courses Attend: E-Learning: Risk Analysis module (Source: Business Continuity Management Institute - BCM Institute)

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2. Decision to accept risk. Notes (1) : The verb “to accept” is chosen to convey the idea that acceptance has its basic dictionary meaning.

Notes (2) : Risk acceptance depends on the risk criteria.

(Source: ISO 22399:2007 – Societal Security - Guideline for Incident Preparedness and Operational Continuity Management) - clause 3.34

3. An informed decision to accept the probability and impact of a particular risk.

(Source: Singapore Standard 540 - SS 540:2008)

 

4. An informed decision to accept the consequences of likely events based on risk criteria.

(Source: ENISA - the European Network and Information Security Agency. BCM & Resilience Glossary)