Unit I: Risk Assessment Within the Framework of Risk Identification, Analysis, and Evaluation

Fifty vocabulary-style flashcards covering key terms and definitions from Unit I on risk assessment, identification, analysis, evaluation, and management in safety, security, and sanitation contexts.

Risk assessment

The overarching process comprising risk identification, risk analysis, and risk evaluation used to guide decision-making in safety, security, and sanitation.

Risk identification

The process of finding, recognizing, and describing risks that might affect objectives.

Risk analysis

The analytical step to understand risk, including its characteristics, sources, consequences, likelihood, and possible scenarios.

Risk evaluation

The stage that supports fact-based and science-based decisions by assessing risk levels against criteria.

Risk management

Coordinated activities to direct and control an organization with regard to risk, aiming to create value and keep residual risk at an acceptable level.

Trifocal functions

The three core tasks of risk assessment: risk identification, risk analysis, and risk evaluation.

Risk sources

Origins of risk that can be tangible or intangible and affect objectives.

Risk consequences

The effects or outcomes of a risk on objectives.

Risk likelihood

The probability that a risk event will occur.

Risk scenarios

Possible sequences of events and conditions that could realize a risk.

Integrated risk management

An approach where risk management is an integral part of all organizational activities.

Structured and comprehensive

A principle describing a systematic, thorough approach to risk management.

Customized

The framework and process tailored to an organization’s external and internal context and objectives.

Inclusive

Involvement of stakeholders to incorporate diverse knowledge, views, and perceptions.

Dynamic

Risk evolves as context changes; risk can emerge, change, or disappear.

Best available information

Information used for risk management based on historical/current data and future expectations, acknowledging uncertainty.

Human and cultural factors

Human behavior and culture significantly influence risk management at all levels.

Continual improvement

Ongoing enhancement of risk management through learning and experience.

PNS ISO 31000:2018

Philippine National Standards version of ISO 31000:2018 for risk management.

Compliance risk

Risk arising from government-mandated licenses, permits, and regulatory requirements.

Hazard risk

Pure risks that threaten goals (e.g., Fire, typhoon, flood) and can cause loss of operations.

Control risk

Risk related to weaknesses in internal controls that can threaten objectives.

Opportunity risk

Risks taken or embraced for future long-term success, often by pursuing new opportunities.

4Ps

Four categories of disruption risks: People, Premises, Processes, and Products.

People

Disruption risks related to people, such as skill gaps, sickness, or absence.

Premises

Disruption risks to physical premises or assets, including damage or contamination.

Processes

Disruption risks in operations, including IT failures or mismanagement.

Products

Disruption risks affecting products or services, such as defects or supplier issues.

Operational disruption

Disruptions arising from operations due to people, premises, processes, or products.

Threats

Potential sources that can cause harm or risk.

Vulnerabilities

Weaknesses that can be exploited by threats to impact objectives.

Capabilities

The organization’s abilities to respond, recover, or mitigate risk.

External context

External environmental factors that influence risk exposure.

Internal context

Internal organizational factors, including structure and culture, that affect risk.

Tangible sources

Physical, measurable origins of risk.

Intangible sources

Non-physical, less measurable origins of risk.

Causes

Underlying reasons or events that trigger risk.

Events

Occurrences or changes of circumstances, which may have multiple causes and consequences.

Consequences

Outcomes of an event affecting objectives.

Indicators of emerging risks

Early signals suggesting new or changing risk exposures.

Changes in context

Shifts in external or internal context that affect risk exposure.

Time-related factors

Timing considerations that influence risk identification and analysis.

Biases

Systematic errors in judgment that can affect risk assessment.

Assumptions

Beliefs taken to be true for risk assessment and analysis.

Beliefs

Shared or individual convictions of stakeholders that influence risk perception.

Event

The occurrence or change of circumstances; can occur once or repeatedly with multiple causes and consequences.

Risk communication

Conveying risk information to all levels of the organization to promote awareness and support.

Residual risk

The remaining risk after risk treatment and controls have been applied.

Acceptable level

The level of risk deemed tolerable for an organization.

Stakeholders

Individuals or groups whose knowledge, views, or involvement influence risk management.