A - D - acceptance to Dis-benefit | E - O - Enhancement to output | P - Q - Probability to Quality assurance | R - Realisation to Risk tolerance line | S - T - Senior Responsible Officer to Transfer | Risk - Acronyms
Definitions from S - Senior Responsible Owner to T - Transfer
Senior responsible owner (SRO)
The single individual with overall responsibility for ensuring that a project or programme meets its objectives and delivers the projected benefits.
Severity of risk
The degree to which the risk could affect the situation.
A risk response for a threat. Modern procurement methods commonly entail a form of risk sharing through the application of a pain/gain formula: both parties share the gain (within pre-agreed limits) if the cost is less than the cost plan; and share the pain (again within pre-agreed limits) if the cost plan is exceeded.
The main driving force behind a programme or project.
The main driving force behind a programme providing investment decisions and top-level endorsement of the rationale and objectives of the programme.
Statement of internal control (SIC)
A narrative statement by the board of directors of a company disclosing that there is an ongoing process for the identification and management of significant risks faced by the company.
Risk concerned with where the organization wants to go, how it plans to get there, and how it can ensure survival.
Summary Risk Profile
A simple mechanism to increase the visibility of risks. It is a graphical representation of information normally found on an existing Risk Register.
An uncertain event that could have a negative impact on objectives or benefits.
A risk response for a threat. Whereby a third party takes on responsibility for an aspect of the threat.
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