September 2024 | AIChE

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September 2024

Risk Targets

Objective-based risk criteria established as goals or guidelines for performance.

Risk Matrix

A tabular approach for presenting risk tolerance criteria, typically involving graduated scales of incident likelihood on the Y-axis and incident consequences on the X-Axis. Each cell in the table (at intersecting values of incident likelihood and incident consequences) represents a particular...

Risk Management

The systematic application of management policies, procedures, and practices to the tasks of analyzing, assessing, and controlling risk in order to protect employees, the general public, the environment, and company assets, while avoiding business interruptions. Includes decisions to use suitable...

Risk Factor

Along with the probability that an event will occur (risk) are those factors of behavior, lifestyle, environment, or heredity associated with increasing or decreasing that probability.

Risk Evaluation Criteria

A qualitative or quantitative expression of the level of risk that an individual or organization is willing to assume in return for the benefits obtained from the associated activity.

Risk Evaluation

Comparison of results of a qualitative or quantitative risk analysis coupled with an appraisal of the significance of the results, both overall and from individual events.

Risk Estimation

Combining the estimated consequences and likelihood of all incident outcomes from all selected incidents to provide a measure of risk.

Risk Escalation

A risk management system whereby an increasingly higher level of authorization is required to sanction the continued tolerance of increasingly higher levels of risk. Some organizations use the term risk elevation.

Risk Control Measure

Characteristic associated with a process that is expected to reduce the likelihood and/or severity of a loss event.

Risk Contour

Lines that connect points of equal risk around the facility ("isorisk" lines).

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