Definition(s)
Risk Acceptance
Explicit or implicit decision not to take an action that would affect all or part of a particular risk.
Source:API STANDARD 780, Security Risk Assessment Methodology for the Petroleum and Petrochemical Industries, First Edition, May 2013. Global Standards
Risk Acceptance
Explicit or implicit decision not to take an action that would affect all or part of a particular risk.
Sample Usage: After determining that the cost of mitigation measures was higher than the consequence estimates, the organization decided on a strategy of risk acceptance.
Annotation: Risk acceptance is one of four commonly used risk management strategies, along with risk avoidance, risk control, and risk transfer.
Source: DHS Risk Lexicon, U.S. Department of Homeland Security, 2010 Edition. September 2010 Regulatory Guidance
Risk Acceptance
Decision to accept risk in a given context based on the current values of society.
Other Related Terms and Definitions:
ISO Guide 73 – Decision to accept a risk
ISO-17776 – Risk which is accepted in a given context based on the current values of society.
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 Acceptance
A position taken by the company and/or its stakeholders that an action or activity should continue after consideration of any residual risk.
Source: IOGP Report No. 510, Operating Management System Framework for controlling risk and delivering high performance in the oil and gas industry, International Association of Oil & Gas Producers, June 2014. Global Standards
Risk Acceptance
Informed decision to take a particular risk.
[SOURCE: ISO Guide 73:2009]
- Note 1 to entry: Risk acceptance can occur without risk treatment or during the process of risk treatment.
- Note 2 to entry: Accepted risks are subject to monitoring and review.
Source: ISO/IEC 27000:2014, Information technology — Security techniques — Information security management systems — Overview and vocabulary, Third Edition, January 2014. Global Standards
Risk Acceptance
Informed decision to take a particular risk (1.1). NOTE 1 Risk acceptance can occur without risk treatment (3.8.1) or during the process of risk treatment. NOTE 2 Accepted risks are subject to monitoring (3.8.2.1) and review (3.8.2.2).
Source: ISO Guide 73:2009(E/F), Risk Management – Vocabulary, First Edition, 2009. Global Standards