Risk Transference

From BCMpedia. A Wiki Glossary for Business Continuity Management (BCM) and Disaster Recovery (DR).
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1. Risk Transference refers to the shifting of the burden of loss for a risk to another party through legislation, contract, insurance or other means.

Related Terms: Risk Treatment, Residual Risk


Analysing And Reviewing The Risks For Business Continuity Planning BUY!
BCMBoK Competency Level
BCMBoK 2: Risk Analysis & Review CL 2B: Intermediate (BC)



BCMBoK Competency Level
BCMBoK 2: Risk Analysis & Review CL 2C: Intermediate (CM)



BCMBoK Competency Level
BCMBoK 2: Risk Analysis & Review CL 2D: Intermediate (DR)



Courses

(Source: Business Continuity Management Institute - BCM Institute)


2. 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)


3. 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)