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Risk Management (MoR) Dictionary of Terms

by | reviewed 2023-08-19
This is an A-Z glossary of terms, from the Management of Risk (M_o_R). See also dictionaries for Agile Projects, Managing Successful Programmes (MSP) Dictionary, Project Office Dictionary (P30), PRINCE2 and ITIL. See also Project Management Dictionary.

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.

Share

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.

Sponsor

The main driving force behind a programme or project.

Sponsoring group

The main driving force behind a programme providing investment decisions and top-level endorsement of the rationale and objectives of the programme.

Stakeholder

Any individual, group or organization that can affect, be affected by, or perceive itself to be affected by, an initiative (programme, project, activity or risk).

Read more on Stakeholders and how to identify them.

Get a list of Stakeholders that you might have in a project or initiative.

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.

Strategic risk

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.

Threat

An uncertain event that could have a negative impact on objectives or benefits.

Transfer

A risk response for a threat. Whereby a third party takes on responsibility for an aspect of the threat.

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