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The A to Z of risk terminology – ‘A’

Accountable - An individual or Committee ultimately answerable for the correct and thorough completion of a deliverable or task

ALARP - As Low As Reasonably Practicable, the cost of reducing the level of risk further would be grossly disproportionate to the benefits.

Appetite for Retention of Risk - Risk Appetite articulates our appetite for uncertainty or volatility. It is the level and nature of risk that The organisation’s is willing to take to achieve its objectives. See Also: Risk Appetite.

Assurance - A positive declaration intended to give confidence. In the Risk Management context, it refers to the effectiveness of risk management and controls management systems.

Audit Committee - Board Committee, established to assist the Board in discharge of its responsibilities relative to financial reporting, the effectiveness of risk management and control systems, and the internal and external audit processes. Sometimes called the Audit and Risk Committee or even just the Risk Committee.


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