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Risk is the lack of certainty about the outcome of making a particular choice. Statistically, the level of downside risk can be calculated as the product of the probability that harm occurs (e.g., that an accident happens) multiplied by the severity of that harm (i.e., the average amount of harm or more conservatively the maximum credible amount of harm).
One point of possible objection interests the uncertainties associated with a PSA. The PSA (Probabilistic Safety Assessment) has often no associated uncertainty, though in metrology any measure shall be related to a secondary measurement uncertainty, and in the same way any mean frequency number for a random variable shall be examined with the dispersion inside the set of data.
Risk = Threat * Consequence * Vulnerability. The unit of analysis is a generic attack mode against a specific target. All of the Department of Homeland Security’s planning scenarios are addressed. However, each attack mode is defined in sufficient detail to support analysis of consequences and vulnerabilities.
The Terminal Event Management Policy was proposed in April 2008 following a more general assessment by Data Task Force (DTF) Psi-9 (“Abyss Gazers”) of external risks – i.e., risks not systemically inherent to Wikipedia (and related projects) – that could pose a danger to the integrity and long-term viability of Wikipedia content as a whole.
Integrity Management Plan (part of an asset integrity management system) is a documented and systematic approach to ensure the long-term integrity of an asset or assets. [1] Integrity management planning is a process for assessing and mitigating risks in an effort to reduce both the likelihood and consequences of incidents.
Risk management is predicting and managing risks that could hinder the organization from reliably achieving its objectives under uncertainty. Compliance refers to adhering with the mandated boundaries (laws and regulations) and voluntary boundaries (company's policies, procedures, etc.).
ISO 31000 is a set of international standards for risk management.It was developed in November 2009 by International Organization for Standardization. [1] The goal of these standards is to provide a consistent vocabulary and methodology for assessing and managing risk, resolving the historic ambiguities and differences in the ways risk are described.