Term
|
Definition
Operational Risk Management
Decision making tool to increase operational effectiveness by anticipating hazards and reducing the potential for loss.
Increases our ability to make informed decisions
Minimizes risks to acceptable levels. |
|
|
Term
|
Definition
| A condiotion with the potential to cause personal injury or death. |
|
|
Term
|
Definition
| An expression of possible loss in terms of severity and probability |
|
|
Term
|
Definition
| The process of detecting hazards and assessing associated risks. |
|
|
Term
|
Definition
Identify Hazards
Access Hazards
Make Risk Decisions
Implement Controls
Supervise |
|
|
