Risk related definitions to avoid risky confusions

Yes, we know, the title of this post: Risk related definitions to avoid risky confusions sounds a bit like a joke. However, we can assure that complying to these definitions  will save you and your company time, money, limit liabilities and reduce chances of litigation.

There is no need to climb a mountain of books and codes because the risk related glossary should solve your problems.

At the beginning of Summer we pointed out  there is still major confusion even in basic definitions of risk and uncertainties. Also that occurs not only within a single industry, but, even worse, across industries. Consequently this risk related glossary intends to solve this unpleasant and hazardous situation.

Finally, if you consider that in most of the world’s languages, 500 words are reportedly enough to get through any day-to-day or routine situations, for instance a functional beginner level, learning Risk related definitions to avoid risky confusions is a very small effort to consent to generate great returns.

Risk related definitions to avoid risky confusions

The glossary encompassing the Risk related definitions to avoid risky confusions is the third edition of Riskope’s Risk Glossary. We append a copy to every document (proposals, reports) we produce.

The Glossary of risk-related technical terms has kept evolving to be applicable to all fields of business and industries we see in our practice.

Ten years ago, prior practice had already shown the robustness of the Glossary of risk-related technical terms. It is useful to note that the Glossary of risk-related technical terms is very similar to the one proposed by the Third Working Draft of Risk Management Terminology (ISO/TM WG on Risk Management Terminology, Doc. N. 33, Jan 2000).

Applying the glossary is beneficial

In this day and age where transparency, geoethics and disclosure are important to preserve SLO and foster CSR  using of a clear and well defined glossary is paramount.

Finally, the benefits for you/your company are:

• time,
• money,
• reduced liabilities and
• fewer chances of litigation.

How to master the Risk related definitions to avoid risky confusions

Our next course at Tailings and Mine Waste 2017 in Banff  is entitled Risk Informed Decision Making for mining projects and operations. The course will allow you to master the glossary while applying the concepts to a case history of a large environmental rehabilitation.

The course will be a hands-on exercise using the Balangero Asbestos Mine Dumps Environmental Rehabilitation competitive bid as a basis. That bid was won by an engineering group supported by what was then called Risk Based Decision Making (RBDM). Thus it was demonstrated that including risk assessment through the design of a project, from cradle to delivery, brings value and offers a leading edge to the proponents. In addition, including risk driven maintenance concepts as well enhances the benefits.

Together we will work through all the phases of the approach, based on the ORE methodology (ORE-Optimum Risk Estimates- ©Oboni Riskope Associates Inc., including:

• System definition
• Success/failure criteria first. Then Objectives Hierarchy,  and also constrained objectives.
• Alternatives generation
• Delivered data
• Needed data first. Then data to be acquired/evaluated
• What methods to use for probabilistic estimates?
• Hazards and multi-dimensional consequences analyses
• Risks
• Risk tolerances
• Dashboards
• Recommendations and Condition of validity.
• Decision-making (alternative selection, mitigation, resilience enhancements, etc.)
• Actions (includes communication) and finally,
• Back to the start: monitoring, new data, etc.

If you cannot come to Banff

So, feel free to download our glossary and use it. Simply always refer to it as follow:

Glossary of risk-related technical terms, by C. Oboni, F. Oboni, Oboni Riskope Associates Inc., 2017.

Equally important, should you have any suggestions, comments, edits, please use the contact button to let us know.

Likewise, contact us if you have any questions or you want to know more!

Tagged with: glossary, Risk related definitions, technical glossary of risk

Category: Consequences, Hazard, Probabilities, Risk analysis, Risk management