Acceptance of the burden of loss, or benefit of gain, from a particular risk.
Other Related Terms and Definitions:
ISO Guide 73 – Acceptance of the burden of loss, or benefit of gain, from a particular 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
Acceptance of the potential benefit of gain, or burden of loss, from a particular risk (1.1).
NOTE 1 Risk retention includes the acceptance of residual risks (184.108.40.206).
NOTE 2 The level of risk (220.127.116.11) retained can depend on risk criteria (18.104.22.168).
Source: ISO Guide 73:2009(E/F), Risk Management – Vocabulary, First Edition, 2009. Global Standards