Risk Transfer
| 1. Risk transfer refers to the shifting of the burden of loss to another party for a risk through legislation, contract, insurance or other means.
| ||||||||||||||
|
(Source: Business Continuity Management Institute - BCM Institute) |
2. Sharing with another party the burden of loss or benefit or gain, for a risk.
Notes (1) : Legal or statutory requirements can limit, prohibit or mandate the transfer of certain risk.
Notes (2) : Risk transfer can be carried out through insurance or other agreements.
Notes (3) : Risk transfer can create new risks or modify existing risks.
Notes (4) : Relocation of the source is not risk transfer.
(Source: ISO 22399:2007 – Societal Security - Guideline for Incident Preparedness and Operational Continuity Management) - clause 3.40
3. Refers to the shifting of the burden of loss to another party through legislation, contract, insurance or other means. It can also refer to the shifting of a physical risk or part thereof elsewhere.
(Source: Singapore Standard 540 - SS 540:2008)
4. A series of techniques describing the various means of addressing risk through insurance and similar products. This includes recent developments such as the securitisation of risk and creation of, for example, catastrophe bonds.
(Source: Business Continuity Institute - BCI)
5. A common technique used by Risk Managers to address or mitigate potential exposures of the organisation. A series of techniques describing the various means of addressing risk through insurance and similar products.
(Source: Business Continuity Institute - BCI)
(Source: ENISA - the European Network and Information Security Agency. BCM & Resilience Glossary)