Risk Management Terminology

Question 1

A level of potential harm or adverse consequence that is deemed tolerable under specific circumstances, given the benefits or goals associated with an activity, process, or decision.

Answer 1

Acceptable Risk

Question 2

An undesired event that results in personal injury or property damage.

Answer 2

Accident

Question 3

Tasks that need to be completed to rectify an issue. These are also known as corrective actions.

Answer 3

Action Items

Question 4

Policies, procedures, and strategies implemented to manage risks, promote safety, and ensure that operations comply with safety regulations. These controls are designed to alter how tasks are performed to minimize hazards.

Answer 4

Administrative Controls

Question 5

A visual risk evaluation tool in the shape of a bow tie that outlines potential risks, their causes, and preventive measures. It outlines what could go wrong, helps in planning how to prevent these risks, and what to do if they occur.

Answer 5

Bow Tie Analysis

Question 6

The reason why an event happens.

Answer 6

Cause

Question 7

One who is capable of identifying existing and predictable hazards in the surroundings or working conditions which are unsanitary, hazardous, or dangerous to employees, and who has authorization to take prompt corrective measures to eliminate them.

Answer 7

Competent Person

Question 8

The outcome or result of a hazard being realized.

Answer 8

Consequence

Question 9

Measures that maintain and/or lessen a risk.

Answer 9

Controls

Question 10

To completely remove or eradicate a hazard, thereby reducing the risk associated with it to zero.

Answer 10

Eliminate

Question 11

A documented strategy outlining the steps to take before, during, and after an emergency to protect people and property. It includes procedures for responding to various types of emergencies, ensuring safety and minimizing impact.

Answer 11

Emergency Action Plan

Question 12

Safety controls involve modifying equipment or designing new tools to reduce risks at the source. These controls focus on isolating people from hazards through physical means.

Answer 12

Engineering Controls

Question 13

An occurrence or change in conditions that can lead to a disruption, damage, or other negative impacts. It often requires a response to manage or mitigate the consequences.

Answer 13

Event

Question 14

Being subjected to a risk source.

Answer 14

Exposure

Question 15

A measure of likelihood that an event will occur.

Answer 15

Frequency

Question 16

Unwanted impact (such as loss, damage or injury) on something valued, such as health, well-being, wealth, property or the environment.

Answer 16

Harm

Question 17

The source of potential danger that may cause harm or adverse health effects on something or someone.

Answer 17

Hazard

Question 18

A comprehensive document that outlines the policies, procedures, and actions necessary to maintain and promote health and safety in the workplace. It addresses potential hazards and provides guidelines for preventing accidents and illnesses.

Answer 18

Health and Safety Plan

Question 19

A systematic approach used to minimize or eliminate exposure to hazards. It prioritizes hazard control methods from most effective to least effective, typically ranging from elimination and substitution to engineering and administrative controls, and finally, personal protective equipment.

Answer 19

Hierarchy of Controls

Question 20

The expected harm or adverse effect that may occur due to exposure to the risk. In other words, it measures how bad things could get if a particular risk materializes.
High Impact - The risk is severe and requires immediate attention and action.

Medium Impact - The risk is significant but manageable with additional controls or mitigations.

Low Impact - The risk is insignificant and can be managed with routine procedures.

Answer 20

Impact of Risk

Question 21

An event that disrupts normal operations or poses a risk to health and safety, potentially leading to injury, illness, or property damage. It may also refer to a near miss that could have resulted in harm under slightly different circumstances.

Answer 21

Incident

Question 22

Tools that have been identified as unsafe, rendered inoperable or physically removed from the job site.

Answer 22

Incompliant Tool

Question 23

Examinations of a worksite or piece of equipment to assess whether it is up to compliance and regulatory standards.

Answer 23

Inspections

Question 24

The probability or chance that a specific event will occur within a given time frame, often considered in the context of risk assessment to evaluate potential hazards and their impacts.

Answer 24

Likelihood

Question 25

To take actions that reduce the severity, impact, or probability of an adverse event. This process involves implementing strategies to lower the risks associated with potential hazards.

Answer 25

Mitigate

Question 26

Physical or procedural safeguards implemented to reduce the impact or severity of an adverse event. They are designed to prevent escalation and minimize the consequences of hazards.

Answer 26

Mitigative Barriers

Question 27

Continual checking, supervising, critically observing or determining the status in order to
identify change from the performance level required or expected.

Answer 27

Monitoring

Question 28

An incident where no property was damaged and no personal injury sustained, but where, given a slight shift in time or position, damage and/or injury easily could have occurred.

Answer 28

Near Miss

Question 29

Garments or devices worn to protect individuals from specific hazards associated with their work environment. This equipment can include items like helmets, gloves, eye protection, and respiratory masks.

Answer 29

Personal Protective Equipment (PPE)

Question 30

Activities and measures taken in advance to ensure effective response to hazards and their consequences.

Answer 30

Preparedness

Question 31

Measures implemented to stop hazards from causing harm or reaching people. These barriers aim to intercept or eliminate risks before an incident can occur.

Answer 31

Preventative Barriers

Question 32

Activities to provide outright avoidance of the hazards and their consequences.

Answer 32

Prevention

Question 33

A measure of the degree of certainty that an accident will take place.
High Probability - It will most likely happen.

Medium Probability - It may or may not happen.

Low Probability - It is unlikely to happen.

Answer 33

Probability

Question 34

One who, by possession of a recognized degree, certificate, or professional standing, or who by extensive knowledge, training, and experience, has successfully demonstrated his ability to solve or resolve problems relating to the subject matter, the work, or the project.

Answer 34

Qualified Person

Question 35

The remaining level of risk after all preventive and mitigative measures have been applied. It represents the exposure to hazards that persists despite efforts to reduce or eliminate them.

Answer 35

Residual Risk

Question 36

No guarantee that accidents won’t happen but that the organization has taken every precaution to eliminate or minimize any threats.

Answer 36

Reasonably Practicable

Question 37

The possibility of loss, injury, or other adverse effect that results from exposure to potential hazards.

Answer 37

Risk

Question 38

Process to comprehend the nature of risk, determine the level of the risk and its potential outcomes.

Answer 38

Risk Analysis

Question 39

The process of identifying, analyzing, and evaluating risks. It involves determining the potential hazards, assessing the likelihood of their occurrence, and estimating their impact, with the aim of implementing effective control measures.

Answer 39

Risk Assessment

Question 40

The decision-making process that involves comparing the estimated risk against predetermined criteria to help guide in the development of effective risk management solutions.

Answer 40

Risk Evaluation

Question 41

The systematic application of management policies, procedures and practices to the tasks of identifying, analyzing, assessing, mitigating and monitoring risk.

Answer 41

Risk Management

Question 42

A visual tool used to categorize risks based on their likelihood of occurrence and the severity of their potential impact.

Answer 42

Risk Matrix

Question 43

Implementing strategies and measures to minimize potential negative consequences associated with identified risks.

Answer 43

Risk Mitigation

Question 44

A person or entity responsible for managing and ensuring appropriate handling of a specific risk.

Answer 44

Risk Owner

Question 45

A document that lists all identified risks associated with a project or operation, detailing their nature, likelihood, potential impact, and the measures taken to mitigate them.

Answer 45

Risk Register

Question 46

The decision to accept and bear the loss from a particular risk instead of transferring it to another party or avoiding it altogether. This approach is often taken when the costs of mitigation exceed the potential benefits, or when the risk is deemed manageable within the organization’s capacity.

Answer 46

Risk Retention

Question 47

(see Impact of Risk)

Answer 47

Severity

Question 48

Replacing a hazardous material, process, or equipment with a less hazardous alternative to reduce risks.

Answer 48

Substitution

Question 49

Something that will cause an event to happen that can lead to potential danger.

Answer 49

Threat

Question 50

Lack of knowledge about an event, its consequence, or likelihood.

Answer 50

Uncertainty