Difference between revisions of "Risk Acceptance"
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| − | | '''1.''' Risk Acceptance is to make an informed decision to accept the [[Risk_Likelihood|likelihood]] and [[Risk_Impact|impact]] of a particular [[Risk|risk]]. Risk Acceptance depends on [[Risk_Criteria|risk criteria]] and the [[Risk_Appetite|risk appetite]] of [[Executive_Management|Top Management]]. | + | | '''1.''' Risk Acceptance is to make an informed decision to accept the [[Risk_Likelihood|likelihood]] and [[Risk_Impact|impact]] of a particular [[Risk|risk]]. Risk Acceptance depends on [[Risk_Criteria|risk criteria]] and the [[Risk_Appetite|risk appetite]] of [[Executive_Management|Top Management]]. |
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| − | + | '''Related Terms''': [[Risk_Treatment|Risk Treatment]], [[Risk_Tolerance|Risk Tolerance]], [[Residual_Risk|Residual Risk]]. | |
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| − | Related Terms: [[Risk_Treatment|Risk Treatment]], [[Risk_Tolerance|Risk Tolerance]], [[Residual_Risk|Residual Risk]]. | ||
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| − | + | '''2.''' Decision to accept risk. | |
| − | '''''Notes (2)''' | + | '''Notes (1)''';: The verb “to accept” is chosen to convey the idea that acceptance has its basic dictionary meaning. |
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| + | '''Notes (2)''': Risk acceptance depends on the risk criteria. | ||
{{ISO 22399 Source}} - clause 3.34 | {{ISO 22399 Source}} - clause 3.34 | ||
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'''3.''' An informed decision to accept the [[Probability|probability]] and [[Impact|impact]] of a particular [[Risk|risk]]. | '''3.''' An informed decision to accept the [[Probability|probability]] and [[Impact|impact]] of a particular [[Risk|risk]]. | ||
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'''4.''' An informed decision to accept the consequences of likely events based on risk criteria. | '''4.''' An informed decision to accept the consequences of likely events based on risk criteria. | ||
Latest revision as of 15:26, 29 October 2020
| 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.
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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)
