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Risk Management Knowledgebase

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Objective A key statement of predetermined results toward which effort is directed.
Obstacle A known issue, problem, or constraint that may impede the achievement of an objective or task.
Operational Cost Those costs resulting from the day-to-day running of a service.
e.g. staff costs, hardware maintenance and electricity, and relating to repeating payments whose effects can be measured within a short timeframe, usually less than the 12-month financial year.
Operational Risk Operational risk is defined as the risk of loss resulting from inadequate or failed processes, people, systems and external events. This includes legal risks.
Outsourcing The process by which functions performed by the organisation are contracted out for operation, on the organisation's behalf, by third parties.
Overhead Costs incurred in the operation of a business which cannot be directly related to the individual products or services being produced.
Owner All risks, once identified, should be assigned to an owner who has responsibility for ensuring that the risk is managed and monitored over time.
A risk owner, in line with their accountability for managing the risk, should have sufficient authority to ensure that the risk is effectively managed.
The risk owner is not usually the person who actually takes the action to address the risk.

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