What's the Risk?
the potential threats and vulnerabilities arising from employee behavior, decisions, and actions that can impact an organization’s operations, reputation, compliance, and overall success
Human Risk
wrongful or criminal deception intended to result in financial or personal gain
Fraud
type of professional liability coverage that protects professionals against legal claims of negligence, errors, or misconduct in their work
Malpractice Insurance
a measure of system reliability, expressed as the period of time a machine, typically a computer, has been continuously working and available
Uptime
the money a business owes to its suppliers or vendors for goods or services received on credit, recorded as a short-term liability on the balance sheet
Accounts Payable
the exposure a company or organization has to factors that can lower its profits or lead to failure, threatening its ability to achieve financial and operational goals
Business Risk
not necessarily a crime; the mixing of separate property with other personal property, making it difficult to distinguish ownership and potentially leading to legal complications
Comingling
also known as professional liability insurance or professional indemnity insurance, is a type of coverage designed to protect professionals and businesses from financial losses arising from claims of negligence, mistakes, or inadequate work in the performance of professional services
Errors and Ommissions Insurance
the practice of incorporating backup pathways, components, or systems within a network to ensure continuous operation in case of failure or disruption
Network Redundancy
money owed to a business by its customers for goods or services delivered on credit, recorded as a current asset on the balance sheet
Accounts Receivable
potential negative impacts on operations and financial performance arising from the degradation of environment, ecosystems, and biodiversity loss
Natural Risk
the loss of inventory that occurs when the actual physical count of products is less than the recorded amount in the inventory system
Inventory Shrinkage
type of business insurance that provides benefits to employees who suffer job-related injuries or illnesses, covering medical expenses, lost wages, and other related costs
Worker's Compensation Insurance
any element in a system that (if it fails) can halt the operation of the entire system because there is no backup or redundancy in place
Single Point of Failure
a financial product that pools money from multiple investors to collectively invest in a diversified portfolio of assets, managed by professionals to achieve specific investment objectives
Investment Fund
the potential for financial loss or negative impacts on a business due to changes in the broader environment, such as inflation, interest rates, exchange rates, unemployment, or government policies
Economic Risk
the unauthorized, improper, or dishonest use of money or assets for purposes other than those for which they were intended
Misappropriation
the amount of money paid by an individual or business to an insurance company to maintain coverage against specific risks
Insurance Premium
the practice of dividing responsibilities among multiple individuals to prevent fraud, errors, and misuse of authority
Separation of Duties
investment funds that are traded on exchanges, similar to stocks. They consist of a basket of securities, such as stocks, bonds, or commodities, and are designed to track the performance of a specific market index or sector
ETF (Exchange-Traded Funds)
the strategies and processes implemented to reduce the impact of potential threats to an organization's objectives
Risk Mitigation
theft or misappropriation of funds placed in one's trust or belonging to one's employer
Embezzlement
the amount of money a policyholder must pay out-of-pocket before the insurance company begins covering the remaining costs of a claim
Insurance Deductible
a structured strategy that ensures an organization can maintain critical operations and quickly recover during and after unexpected disruptions
Business Continuity Plan
What are the 4 P's (Marketing Mix)?
Product
Price
Placement (Distribution)
Promotion