Definition(s)


Risk Treatment

The process of selection and implementation of measures to modify risk.

Source: International Association of Drilling Contractors, Appendix 2 to Health, Safety and Environment Case Guidelines for Offshore Drilling Contractors, Issue 3.3.2, February 2010. IADC Guidelines

 

Risk Treatment

Process to modify risk (1.1).

  • NOTE 1 Risk treatment can involve: avoiding the risk by deciding not to start or continue with the activity that gives rise to the risk; taking or increasing risk in order to pursue an opportunity; removing the risk source (3.5.1.2); changing the likelihood (3.6.1.1); changing the consequences (3.6.1.3); sharing the risk with another party or parties [including contracts and risk financing (3.8.1.4)]; and retaining the risk by informed decision.
  • NOTE 2 Risk treatments that deal with negative consequences are sometimes referred to as “risk mitigation”, “risk elimination”, “risk prevention” and “risk reduction”.
  • NOTE 3 Risk treatment can create new risks or modify existing risks.

Source: ISO Guide 73:2009(E/F), Risk Management – Vocabulary, First Edition, 2009. Global Standards

 

Risk Treatment

Process to modify risk.

[SOURCE: ISO Guide 73:2009]

  • Note 1 to entry: Risk treatment can involve:
    • avoiding the risk by deciding not to start or continue with the activity that gives rise to the risk;
    • taking or increasing risk in order to pursue an opportunity;
    • removing the risk source;
    • changing the likelihood;
    • changing the consequences;
    • sharing the risk with another party or parties (including contracts and risk financing); and
    • retaining the risk by informed choice.
  • Note 2 to entry: Risk treatments that deal with negative consequences are sometimes referred to as “risk mitigation”, “risk elimination”, “risk prevention” and “risk reduction”.
  • Note 3 to entry: Risk treatment can create new risks or modify existing risks.

Source: ISO/IEC 27000:2014, Information technology — Security techniques — Information security management systems — Overview and vocabulary, Third Edition, January 2014. Global Standards

 

Risk Treatment

See Barrier.

Source: OGP Report No. 415, Asset integrity – the key to managing major incident risks, International Association of Oil & Gas Producers, December 2008. Global Standards

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