|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.
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)