Difference between revisions of "Risk Treatment"
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− | | '''1.''' Risk Treatment is the selection and implementation of appropriate options for dealing with [[risk]]. | + | | '''1.''' Risk Treatment is the selection and implementation of appropriate options for dealing with [[risk]]. |
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[[image:ISO31000 Risk Management Process.png|thumb|right|300px|Risk Treatment as part of the ISO31000 Risk Management Framework]] | [[image:ISO31000 Risk Management Process.png|thumb|right|300px|Risk Treatment as part of the ISO31000 Risk Management Framework]] | ||
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The options for the Risk Treatment includes : | The options for the Risk Treatment includes : | ||
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*[[Risk Acceptance]] | *[[Risk Acceptance]] | ||
− | Related Terms: [[Risk Management]], [[Risk Tolerance]], [[Residual Risk]]. | + | '''Related Terms''': [[Risk Management]], [[Risk Tolerance]], [[Residual Risk]]. |
'''Note (1)''': [[Risk Reduction]] is used as a preferred term to Risk Termination or [[Risk Mitigation]]. | '''Note (1)''': [[Risk Reduction]] is used as a preferred term to Risk Termination or [[Risk Mitigation]]. | ||
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[[Category:BCM Institute Glossary]] | [[Category:BCM Institute Glossary]] |
Revision as of 06:37, 30 October 2020
1. Risk Treatment is the selection and implementation of appropriate options for dealing with risk.
The options for the Risk Treatment includes :
Related Terms: Risk Management, Risk Tolerance, Residual Risk. Note (1): Risk Reduction is used as a preferred term to Risk Termination or Risk Mitigation. Note (2): Often, there will be residual risk which cannot be removed totally as it is not cost-effective to do so, hence, the acceptance of risk. Note (3): Risk Acceptance is sometimes referred to as Risk Tolerance. Note (4): The highest rated risks should be addressed as a matter of urgency
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2. Process of selection and implementation of measures to modify risk.
Notes (1) : The term “risk treatment” is sometimes used for the measures themselves.
Notes (2) : Risk treatment measures can include avoiding, optimizing, transferring or retaining risk.
(Source: ISO 22399:2007 – Societal Security - Guideline for Incident Preparedness and Operational Continuity Management) - clause 3.42
- avoiding the risk by deciding not to start or continue with the activity that gives rise to the risk;
- taking or increasing risk in order to pursue an opportunity;
- removing the risk source (2.16);
- changing the likelihood (2.19);
- changing the consequences (2.18);
- sharing the risk with another party or parties (including contracts and risk financing); and
- retaining the risk by informed decision.
4. The selection and implementation of appropriate options for dealing with risk.
(Source: Singapore Standard 540 - SS 540:2008)
5. The selection and implementation of relevant options for managing risk. The key treatments include:
(Source: Business Continuity Institute - BCI) 6. A systematic process of deciding which risks can be eliminated or reduced by remedial action and which must be tolerated. (Source: ENISA - the European Network and Information Security Agency. BCM & Resilience Glossary) |