Risk Terms & Definitions

Term	Definition
Risk Appetite	The amount and type of risk (on a broad-base level) that the University is ordinarily prepared to pursue, retain or take in order to meet its objectives.
Risk Categories	Broad categories of risk that the University uses to identify and group risks
Risk Management	The coordinated management of activities to identify, assess, manage and control potential events or situations to provide reasonable assurance regarding the achievement of the University’s objectives.
Risk Management Process	The systematic application of management policies, procedures and practices to the activities of communicating, consulting, establishing the context, and identifying, analysing, evaluating, treating, monitoring and reviewing risk.
Risk Matrix	A medium for ranking and displaying risks by defining ranges or thresholds for impact and likelihood aligned to the University context and used to determine the inherent and controlled risk ratings.
Risk Mitigation	Involves identifying the range of options for treating a risk, evaluating those options, selecting a preferred treatment strategy, preparing risk management plans and implementing them.
Risk Owner	The person or entity accountable for managing a particular risk or set of risks. Identify and control risks in their area of responsibility Continually review risks and controls of their operations to ensure effective management Update the status on the risk mitigation plans on a regular basis
Risk Profile	The output of the risk identification and assessment process is a completed risk profile
Risk Rating	Level of exposure to a risk based on the likelihood and consequence of the risk occurrence.
Risk Register	Management tool containing the results of qualitative and quantitative risk analysis and risk response planning. The Register includes risks identified by the University by describing the characteristics of risks (e.g., risk description, risk category, potential causes or risk factors, risk ratings, risk treatments).

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