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Risk Management Knowledgebase

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ALARP As Low As Reasonably Practicable.
ALARP is a term often used by risk practitioners.
Accreditation The act of granting credit or recognition.
Action A specific task to address a risk.
Action Plan Corrective plan to be executed when a risk is realised.
Activity The smallest self-contained unit of work used to define the logic of a project.
Alert Warning that an incident has occurred.
Analysis Risk analysis is the systematic use of information to establish valid scenarios for how a hazard could lead to harm and determine the probability of the associated adverse events and the magnitude of their consequences.
Assessment The evaluation of risk with regard to the impact if the risk is realised and the likelihood of the risk being realised.
Some types of risk lend themselves to a numerical diagnosis - particularly financial risk. For other risks - for example reputational risk - a much more subjective view is all that is possible.
Asset Anything on a organisation's books considered as having a positive monetary value. Assets are usually shown on the balance sheet.
Assets include holdings of obvious market value (cash, real estate), harder-to-measure value (inventory, aging equipment), and other quantities considered an asset by accounting conventions.
Assumption Statement taken for granted or truth.
An Assumption is a belief which if verified should become a project decision.
Assurance An evaluated opinion, based on evidence gained from review, on the organisationís governance, risk management and internal control framework.
Audit A methodical examination or review of a condition or situation.

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