RISK MANAGEMENT CONCEPTS & PRINCIPLES - VOCABULARY FLASHCARDS

Vocabulary-style flashcards covering key terms and concepts from the Risk Management lecture notes.

Risk (UNWTO definition)

A situation that exposes someone or something to danger or loss.

Hazard

A source of potential damage or adverse health effects; risk is the chance that exposure to a hazard will cause harm.

Risk Management (ISO 31000)

The identification, evaluation, and prioritization of risks, followed by coordinated application of resources to minimize, monitor, and control the probability of unfavorable events.

Uncertainty in financial markets

Future unpredictability about earnings or outcomes that affects risk and decision making.

Threats from project failures

Risks arising from failures during design, development, production, or sustainment life cycles.

Legal liabilities

Potential legal obligations and consequences facing operators due to business activities.

Credit risk

The possibility that a borrower or counterparty will fail to meet obligations, impacting return.

Accidents vs Risks

Accidents are reactive events; risks are preventive possibilities to manage.

Slip-and-fall injuries

Common hospitality injuries due to slipping or tripping.

Musculoskeletal injuries

Injuries to muscles, tendons, or joints from strains or overuse.

Skin reactions

Irritations or allergic reactions affecting skin safety.

Respiratory illnesses

Diseases of the respiratory system due to exposure or contaminants.

Security-related accidents

Incidents arising from security issues affecting people or property.

Food poisoning

Illness from improper food storage or handling.

Elevator and escalator accidents

Accidents involving lifts in hospitality settings.

Natural causes and disasters

Disasters caused by Earth movements, weather, or related events.

Deliberate attack (terrorism)

Use or threat of violence for political, religious, ideological or social aims.

Events of uncertain root-cause

Events with uncertain cause, including negative risks and positive opportunities.

Strategies to manage threats

Avoid the threat; reduce adverse effects; transfer to others; retain some consequences.

Threat identification

Identifying events or conditions that could cause harm.

Vulnerability assessment

Evaluating the susceptibility of critical assets to threats.

Risk assessment

Determining the severity and probability of identified risks to inform decisions.

Risk options and risk treatments

Possible strategies to address risks and select appropriate treatments.

Risk management plan and execution

Documented plan with responsibilities, timelines, and monitoring; then implement.

Risk rating formula

Risk Score = Likelihood x Impact.

Risk levels

Categories such as Extreme, High, Moderate, Low, Very Low indicating required actions.

Best available information

Using the most reliable data as the basis for risk management decisions.

Risk management as a continual process

An ongoing cycle of monitoring, reassessment, and improvement.