Risk Treatment
| 1. Risk Treatment is the selection and implementation of appropriate options for dealing with risk.
Risk Treatment includes Risk: Related Terms: Risk Avoidance, Risk Reduction, Risk Transference, Risk Acceptance. Note: Risk Reduction is used as a preferred term to Risk Termination. Often, there will be residual risk which cannot be remove totally as it is not cost-effective to do so. Risk Acceptance is sometimes referred to as Risk Tolerance.
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(Source: Business Continuity Management Institute - BCM Institute) |
2. The selection and implementation of appropriate options for dealing with risk.
(Source: Singapore Standard 540 - SS 540:2008)
3. The selection and implementation of relevant options for managing risk. The key treatments include:
- Acceptance - risks are retained by the organization
- Avoidance - deciding not to carry on with the proposed activities due to the risk being unacceptable or finding another alternative that is more acceptable.
- Reduction - reducing the likelihood and/or consequence of the risk
- Transfer - transferring the risk in part or in totality to another. Insurance is an example of risk transfer.
(Source: Business Continuity Institute - BCI)
4. A systematic process of deciding which risks can be eliminated or reduced by remedial action and which must be tolerated.
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(Source: ENISA - the European Network and Information Security Agency. BCM & Resilience Glossary) |
