Risk management
Here's a detailed list of vocabulary related to risk management for the IELTS band score 4.5-6.0:
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Risk:
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The possibility of loss, harm, or negative outcomes that could result from an action or decision.
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Risk Management:
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The process of identifying, assessing, and mitigating potential risks to minimize their impact on an organization or project.
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Risk Assessment:
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The evaluation of potential risks and their likelihood of occurrence.
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Risk Analysis:
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The study of potential risks, their impact, and the likelihood of their occurrence.
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Risk Mitigation:
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The actions taken to reduce or eliminate the impact of identified risks.
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Risk Identification:
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The process of recognizing and documenting potential risks.
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Risk Control:
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The implementation of measures to manage and reduce risks.
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Risk Avoidance:
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A risk management strategy that involves eliminating activities or decisions that could lead to potential risks.
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Risk Transfer:
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Shifting the responsibility for managing a risk to another party, such as through insurance or contracts.
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Risk Tolerance:
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The level of risk that an individual or organization is willing to accept.
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Risk Appetite:
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The willingness of an individual or organization to take on risk in pursuit of potential rewards.
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Uncertainty:
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The state of not knowing the outcome of a situation or decision.
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Contingency Plan:
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A plan prepared in advance to deal with unexpected events or risks.
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Business Continuity Plan:
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A plan to ensure that essential business functions can continue during and after a disaster or major disruption.
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Risk Exposure:
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The potential financial loss or harm that an organization faces due to risks.
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Operational Risk:
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Risks associated with the day-to-day operations and processes of an organization.
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Financial Risk:
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Risks related to the financial stability and performance of an organization.
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Market Risk:
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Risks arising from changes in market conditions, such as interest rates, exchange rates, or commodity prices.
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Credit Risk:
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The risk of a borrower defaulting on debt payments.
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Reputation Risk:
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The potential damage to an organization's reputation due to negative public perception.
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Legal Risk:
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The risk of facing lawsuits or legal challenges.
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Compliance Risk:
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The risk of non-compliance with laws, regulations, or industry standards.
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Risk Matrix:
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A tool used to assess and prioritize risks based on their likelihood and impact.
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Risk Register:
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A document that lists identified risks, their descriptions, and risk mitigation strategies.
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Risk Communication:
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The process of sharing information about risks with stakeholders.
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Risk Monitoring:
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The ongoing observation and tracking of identified risks.
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Risk Response:
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The actions taken to address identified risks.
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Residual Risk:
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The level of risk that remains after risk mitigation efforts have been implemented.
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Risk Governance:
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The framework and processes for managing and overseeing risk management activities within an organization.
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Risk Culture:
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The values, attitudes, and behaviors regarding risk within an organization.
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Risk Indicator:
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A measurable variable used to signal the presence of risk.
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Risk Evaluation:
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The process of comparing the results of risk analysis to risk criteria to determine the significance of risks.
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Risk Treatment:
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The selection and implementation of appropriate risk management options.
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Risk Avoidance:
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A risk response strategy to eliminate the risk or withdraw from the activity that gives rise to the risk.
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Risk Transfer:
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A risk response strategy to shift the impact of the risk to another party.
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Risk Acceptance:
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A risk response strategy to acknowledge the risk and take no action to address it.
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Risk Awareness:
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The level of understanding and knowledge about potential risks.
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Risk Reporting:
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The process of providing information about risks to relevant stakeholders.
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Risk Planning:
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The development of a comprehensive plan for risk management activities.
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Risk Assessment Methodology:
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The systematic approach used to evaluate risks.
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Understanding these risk management terms will not only improve your vocabulary but also enhance your understanding of how organizations handle potential risks. Good luck with your IELTS preparation!
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