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6 Cards in this Set
- Front
- Back
- 3rd side (hint)
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What is Inherent risk? |
The level of risk before any controls have been put in place |
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Define Risk Response |
The implementation of actions to respond to risks, including decisions whether yo tolerate, treat, transfer or terminate. |
4 T’s |
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What is the Target/Residual risk? |
The levels of risk after controls have been put in place.
Moving from inherent risk to Target/residual risk involves the the stage of Risk Response. |
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What is the difference between residual and target risk levels? |
Residual: The level of risk after some controls have been implemented Target: The level of risk the organisation wishes to achieve |
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Define risk appetite |
The amount and type of risk that an organisation is willing to pursue or retain |
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The four responses to Risk are: |
Transfer, Tolerate, Treat, Terminate |
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