Search results
Results from the WOW.Com Content Network
Operational risk management (ORM) is defined as a continual recurring process that includes risk assessment, risk decision making, and the implementation of risk controls, resulting in the acceptance, mitigation, or avoidance of risk.
The process to manage operational risk is known as operational risk management. The definition of operational risk, adopted by the European Solvency II Directive for insurers, is a variation adopted from the Basel II regulations for banks: "The risk of a change in value caused by the fact that actual losses, incurred for inadequate or failed ...
[4] [5] Broader definitions of a system are the hardware, software, human systems integration, procedures and training. Therefore, system safety as part of the systems engineering process should systematically address all of these domains and areas in engineering and operations in a concerted fashion to prevent, eliminate and control hazards.
Software safety (sometimes called software system safety) is an engineering discipline that aims to ensure that software, which is used in safety-related systems (i.e. safety-related software), does not contribute to any hazards such a system might pose. There are numerous standards that govern the way how safety-related software should be ...
Software engineering is a branch of both computer science and engineering focused on designing, developing, testing, and maintaining of software applications. It involves applying engineering principles and computer programming expertise to develop software systems that meet user needs.
graph with an example of steps in a failure mode and effects analysis. Failure mode and effects analysis (FMEA; often written with "failure modes" in plural) is the process of reviewing as many components, assemblies, and subsystems as possible to identify potential failure modes in a system and their causes and effects.
Risk assessment determines possible mishaps, their likelihood and consequences, and the tolerances for such events. [1] [2] The results of this process may be expressed in a quantitative or qualitative fashion. Risk assessment is an inherent part of a broader risk management strategy to help reduce any potential risk-related consequences. [1] [3]
Top level Configuration Management Activity model. Configuration management (CM) is a management process for establishing and maintaining consistency of a product's performance, functional, and physical attributes with its requirements, design, and operational information throughout its life.