risk assessment

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risk assessment

A report that shows an organization's vulnerabilities and the estimated cost of recovery in the event of damage. It also summarizes defensive measures and associated costs based on the amount of risk the organization is willing to accept (the risk tolerance).

A "risk analysis" is the process of arriving at a risk assessment, also called a "threat and risk assessment." A "threat" is a harmful act such as the deployment of a virus or illegal network penetration. A "risk" is the expectation that a threat may succeed and the potential damage that can occur. See risk management and risk mitigation.
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Risk assessment

An evaluation of potential consequences to humans, wildlife, or the environment caused by a process, product, or activity; including both the likelihood and the effects of an event. Also, qualitative and quantitative evaluation of the risk posed to human health or the environment by the actual or potential presence or use of specific pollutants.
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References in periodicals archive ?
A typical enterprise risk assessment consists of the following steps:
Three years ago, Smiechewicz was the senior managing director of enterprise risk assessment for Countrywide Financial, the largest mortgage lender in the nation.
SBS also prepares two major reports each year: one in October to evaluate the yearly Enterprise Risk Assessment (ERA) survey, used by the company's executives to reset the risk response strategies for the next year, and one in May as a major status checkpoint.
Citi and Merrill will hopefully also get serious about succession planning, and perhaps the industry will improve its enterprise risk assessment process.
That is the vision of the future for major business systems acquisition proposed by the developers of the Enterprise Risk Assessment Model (ERAM).
"One of the interesting things from the risk assessment side is that for a company to engage in enterprise risk assessment using new technology, the first thing it needs to do is assess what kind of risks it faces," says Gideon Harbour, founder and CEO at Optial, a company in Alpharetta, Ga., that supplies Web-based compliance and risk management solutions.
Audit committees increasingly use a more formalized enterprise risk assessment process to improve management and oversight of the organization.
A survey by Pricewaterhouse-Coopers (PWC), titled 2007 State of the Internal Auditing Profession, found that only 20% of the organizations that conduct more than one type of enterprise risk assessment consider the objectives of those assessments to be aligned well.

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