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Residual Risk
The residual risk is the amount of risk or danger associated with an action or event remaining after natural or inherent risks have been reduced by risk controls. The general formula to calculate residual risk is : \text = (\text) - (\text) where the general concept of risk is ( threats × vulnerability Vulnerability refers to "the quality or state of being exposed to the possibility of being attacked or harmed, either physically or emotionally." A window of vulnerability (WOV) is a time frame within which defensive measures are diminished, com ...) or, alternatively, (severity × probability). An example of residual risk is given by the use of automotive seat-belts. Installation and use of seat-belts reduces the overall severity and probability of injury in an automotive accident; however, probability of injury remains when in use, ''that is'', a remainder of residual risk. In the economic context, residual means “the quantity left over at the end of a process; a remai ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Risk
In simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environment), often focusing on negative, undesirable consequences. Many different definitions have been proposed. The international standard definition of risk for common understanding in different applications is “effect of uncertainty on objectives”. The understanding of risk, the methods of assessment and management, the descriptions of risk and even the definitions of risk differ in different practice areas (business, economics, environment, finance, information technology, health, insurance, safety, security etc). This article provides links to more detailed articles on these areas. The international standard for risk management, ISO 31000, provides principles and generic guidelines on managing risks faced by organizations. Definitions ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Risk
In simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environment), often focusing on negative, undesirable consequences. Many different definitions have been proposed. The international standard definition of risk for common understanding in different applications is “effect of uncertainty on objectives”. The understanding of risk, the methods of assessment and management, the descriptions of risk and even the definitions of risk differ in different practice areas (business, economics, environment, finance, information technology, health, insurance, safety, security etc). This article provides links to more detailed articles on these areas. The international standard for risk management, ISO 31000, provides principles and generic guidelines on managing risks faced by organizations. Definitions ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inherent Risk
Inherent risk, in risk management, is an assessed level of raw or untreated risk; that is, the natural level of risk inherent in a process or activity without doing anything to reduce the likelihood or mitigate the severity of a mishap, or the amount of risk before the application of the risk reduction effects of controls. Another definition is that inherent risk is the current risk level given the existing set of controls, which may be incomplete or less than ideal, rather than an absence of any controls. Inherent risk is contrasted with residual risk, which is the amount of risk left after treatment and added security measures. See also * Inherent risk (accounting), particularly, the consideration of the probability of material misstatements in financial records References Risk_management Auditing terms {{tech-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Coercion
Coercion () is compelling a party to act in an involuntary manner by the use of threats, including threats to use force against a party. It involves a set of forceful actions which violate the free will of an individual in order to induce a desired response. These actions may include extortion, blackmail, or even torture and sexual assault. For example, a bully may demand lunch money from a student where refusal results in the student getting beaten. In common law systems, the act of violating a law while under coercion is codified as a duress crime. Coercion can be used as leverage to force the victim to act in a way contrary to their own interests. Coercion can involve not only the infliction of bodily harm, but also psychological abuse (the latter intended to enhance the perceived credibility of the threat). The threat of further harm may also lead to the acquiescence of the person being coerced. The concepts of coercion and persuasion are similar, but various factors ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vulnerability
Vulnerability refers to "the quality or state of being exposed to the possibility of being attacked or harmed, either physically or emotionally." A window of vulnerability (WOV) is a time frame within which defensive measures are diminished, compromised, or lacking. The understanding of social and environmental vulnerability, as a methodological approach, involves the analysis of the risks and assets of disadvantaged groups, such as the elderly. The approach of vulnerability in itself brings great expectations of social policy and gerontological planning. Types of vulnerability include social, cognitive, environmental, emotional or military. In relation to hazards and disasters, vulnerability is a concept that links the relationship that people have with their natural environment, environment to social forces and institutions and the cultural values that sustain and contest them. “The concept of vulnerability expresses the multi-dimensionality of disasters by focusing attentio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Seat Belt
A seat belt (also known as a safety belt, or spelled seatbelt) is a vehicle safety device designed to secure the driver or a passenger of a vehicle against harmful movement that may result during a collision or a sudden stop. A seat belt reduces the likelihood of death or serious injury in a traffic collision by reducing the force of secondary impacts with interior strike hazards, by keeping occupants positioned correctly for maximum effectiveness of the airbag (if equipped), and by preventing occupants being ejected from the vehicle in a crash or if the vehicle rolls over. When in motion, the driver and passengers are traveling at the same speed as the vehicle. If the vehicle suddenly stops or crashes, the occupants continue at the same speed the vehicle was going before it stopped. A seatbelt applies an opposing force to the driver and passengers to prevent them from falling out or making contact with the interior of the car (especially preventing contact with, or going t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Residual Profit
A residual is generally a quantity left over at the end of a process. It may refer to: Business * Residual (entertainment industry), in business, one of an ongoing stream of royalties for rerunning or reusing motion pictures, television shows or commercials * Profit (accounting), residuals that shareholders, partners or other owners are entitled to, after debtors are covered **Residual in the bankruptcy of insolvent businesses, moneys that are left after all assets are sold and all creditors paid, to be divided among ''residual claimants'' * Residual (or balloon) in finance, a lump sum owed to the financier at the end of a loan's term; for example Balloon payment mortgage Mathematics, statistics and econometrics * Residual (statistics) ** Studentized residual * Residual time, in the theory of renewal processes * Residual (numerical analysis) ** Minimal residual method ** Generalized minimal residual method * Residual set, the complement of a meager set * Residual property (mathem ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
