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Risk Glossary

Hover over a term to see its definition

See 'catastrophic event'

Black Swan

Black Swan

Code of Federal Regulations

CFR

CFR

A catastrophe is a cascade of events that lead to extreme consequences which results in substantial damage or loss to people, planet and possessions (in that order).
Generally too complex to be predictable, catastrophic events for an organisation are treated as rare but in reality their likelihood can be unpredictable.

Catastrophic Event

Catastrophic Event

See 'Hazard'.

Cause

Cause

The outcome of an event affecting the objective. For example, damage to health, including the damage that can occur from loss of product quality or availability.
Synonyms: Harm.

Consequence

Consequence

See ‘Risk Owner’.

Decision Maker

Decision Maker

The ability to detect the event occurring, existing or being present.

Detectability

Detectability

Environmental, Health and Safety

EHS

EHS

Occurrence or change of a particular set of circumstances. An event can be one or more occurrences, and can have several causes. An event can consist of something not happening. An event can sometimes be referred to as an “incident” or “accident”. An event without consequences can also be referred to as a “near miss”, “incident”, “near hit” or “close call”.

Event

Event

See ‘Cause’.

Failure Mode

Failure Mode

See ‘Consequence’.

Harm

Harm

The potential source of an Event.

Synonyms: Threats; Cause; Failure Mode; Risk Source.
Note: This is not synonymous with ‘Risk’.

Hazard

Hazard

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