3.6 Flashcards
Business Continuity
A plan for a business to continue operating after a serious incident
Transformational leadership
Ability to implement a vision through policies and strategies to bring about positive change
Contingency plan
A course of action designed to help a business respond successfully to a major future event that may or may not happen
Risk acceptance
Where the full cost of mitigation is greater than the cost of the risk itself usually for small businesses
Risk assessments
Identifying and evaluating potential risks that may be involved in an activity that a business proposes to undertake
Risk avoidance
Ceasing to follow a particular action altogether e.g multinational pulling out of an unstable country
Risk limitation
This is the most common risk management strategy used by
businesses. An example of risk limitation is a company accepting that data storage may fail and avoiding a long period of failure by having back-ups.
Risk mitigation
Identify , assess, prioritise risks and plan responses to deal with impact of these risks
Risk transferrance
Handing risk to third party e.g outsourcing customer service to foreign country
Scenario Planning
This process of anticipating possible changes in a businesses situation and devising ways of dealing with them
Succession Planning
A human recoursing process for identifying and developing new leaders who can replace old leavers when they leave or retire
