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Risk Management Knowledgebase

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Laws and Regulations It is important for an organisation to identify the ways in which laws and regulations make demands on it.
Laws and regulations, can have an effect on the risk environment either by requiring the organisation to do certain things or by constraining the actions which the organisation is permitted to take.
Legal Risk The risk of loss resulting from failure to comply with laws as well as prudent ethical standards and contractual obligations. It also includes the exposure to litigation from all aspects of an organisation's activities.
Liability An obligation to pay. These include accounts payable and bank debt.
Lifecycle A series of states connected by allowable transitions.
Likelihood How likely the risk is to materialise. Categories can be High/Medium/Low. Other typical categories of likelihood are:
Almost certain (High) - You would not be at all surprised if this happens.
Likely (High) - You think this could occur sometime soon.
Possible (Medium) - This could occur at some point, but not necessarily in the immediate future.
Unlikely (Low) - You would be mildly surprised if this occurred.
Rare (Low) - You would be very surprised to see this happen, but cannot entirely rule out the possibility.
Live Data This often means data that may change while the information is being viewed. Examples of live data include news, stock quotes, airline fares and seat availability.

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