Definition(s)
Risk Acceptability
In this report, a business judgement process that enables management decisions to be taken at an appropriate level in the organisation. Decisions should be based on predetermined criteria to characterise risks that acknowledge the level of residual risk of a threat, impact or consequence.
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