This is the second episode, of two-part series on vocabulary related to risk management. In our previous lesson, we took a general look at risk management. Today, we’ll focus on the process of risk management planning.
External Risks: Are risks outside of a company , such as the condition of the economy and activities by competitors.
Internal Risks: Internal risks are those inside of a company, such as a employees problem and budget overruns.
Project Appraisal: When you examine a project to figure out wheter iy is a good or bad, risky or safe, you are ddoing projoect appraisaal.
Predict / Foresee: Is to look into the future and try to guess what will happen.
Hazard: When the specific situation or condition might cause damage or harm to a company in the future, are called hazard.
Aviod Risk: It's no accept it.
Transfer Risk: When we share a risk or give it to another company, we are transfering that risk.
Mitigate: Another way to deal with risk is to mitigate it or decrease the potential damage of a risk that can be avoided.
Retain Risk: A company may retain or accept certain risks if they see the potential for profits or advantage.
Disclosure: Is showing or revealing information, usually negative information about situation.
Reputation Management: Is the public imagine of a compani. It's how to see us for the market, costumer, supplay, governance, regulator or anyone market actor.
Contingency Plan: Is the planned allocation of resources that are to used in the event that something unforeseen affects the completion of a project according to the schedule.