About Lesson
Key Concepts in Risk Management
3.1. Risk Appetite and Tolerance
- Risk Appetite: The amount of risk an organization or project is willing to accept to achieve its objectives.
- Risk Tolerance: The acceptable level of variation in performance related to risk.
3.2. Risk Owners
- Risk Owners: Individuals or teams assigned responsibility for managing specific risks, including implementing response strategies and monitoring risk status.
3.3. Risk Thresholds
- Risk Thresholds: Pre-defined limits for risk levels that trigger specific actions or responses.