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Transfer risks to an external agency (e.g. an insurance company) Avoid risks altogether (e.g. by closing down a particular high-risk business area) Later research [ 26 ] has shown that the financial benefits of risk management are less dependent on the formula used but are more dependent on the frequency and how risk assessment is performed.
A risk management plan is a document to foresee risks, estimate impacts, and define responses to risks. It also contains a risk assessment matrix.According to the Project Management Institute, a risk management plan is a "component of the project, program, or portfolio management plan that describes how risk management activities will be structured and performed".
A transfer-on-death account is an arrangement that allows the assets held within a brokerage account or bank account to pass directly to a named beneficiary upon the account holder’s death, thus ...
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).
NIST Definition: The process of identifying risks to organizational operations (including mission, functions, image, reputation), organizational assets, individuals, other organizations, and the Nation, resulting from the operation of an information system. Part of risk management incorporates threat and vulnerability analyses and considers ...
The Philippines is a mixed law jurisdiction, shaped primarily by Spanish civil law and American common law as codified in the Philippine Civil Code. The Philippine Civil Code defines a contract as "a meeting of minds between two persons whereby one binds himself, with respect to the other, to give something or to render some service". [ 222 ]
Disaster risk reduction (DRR) is defined by United Nations Office for Disaster Risk Reduction (UNDRR) as those actions which aim to "prevent new and reducing existing disaster risk and managing residual risk, all of which contribute to strengthening resilience and therefore to the achievement of sustainable development".
The determined, affirmative attitude is reflective of indigenous Filipino value system [9] that leads to free choice, determination and goal achievement, and also a sense of peace: “Bahala na” is a positive value in at least the following situations or circumstances which are beyond one's control: (1) when calamities or accidents occur despite all precautionary measures; (2) when the death ...