Glossary of selected terms
Glossary of selected terms from HB 436:2004 and HB 167:2006
Risk
The chance of something happening that will have an impact on
objectives.
Risk analysis
A systematic process to understand the nature of and deduce the level
of risk.
Risk management framework
The set of elements of an organizationâs management
system concerned with managing risk.
Risk management process
The systematic application of management policies, procedures, and
practices to the tasks of communicating, establishing the context,
identifying, analysing, evaluating, treating, monitoring, and reviewing
risk.
Threat
Anything that has the potential to prevent or hinder the
achievement of objectives or disrupt the processes that support them.
A source of, or potential for harm to occur.
Vulnerability
Any weakness that can be exploited by an aggressor to make an asset
susceptible to change.
