Risk Acceptance

From BCMpedia. A Wiki Glossary for Business Continuity Management (BCM) and Disaster Recovery (DR).
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1. Risk Acceptance is to make an informed decision to accept the likelihood and impact of a particular risk. Risk Acceptance depends on risk criteria and the risk appetite of Top Management.

Related Terms: Risk Treatment, Risk Tolerance, Residual Risk.

Analysing And Reviewing The Risks For Business Continuity Planning
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. Decision to accept risk. Notes (1) : The verb “to accept” is chosen to convey the idea that acceptance has its basic dictionary meaning.

Notes (2) : Risk acceptance depends on the risk criteria.

(Source: ISO 22399:2007 – Societal Security - Guideline for Incident Preparedness and Operational Continuity Management) - clause 3.34

3. An informed decision to accept the probability and impact of a particular risk.

(Source: Singapore Standard 540 - SS 540:2008)

 

4. An informed decision to accept the consequences of likely events based on risk criteria.

(Source: ENISA - the European Network and Information Security Agency. BCM & Resilience Glossary)