Organization’s readiness to bear the risk after risk treatment in order to achieve its objectives
Note 1 to entry: Risk tolerance can be influenced by legal or regulatory requirements.
Note 2 to entry: Qualitative or quantitative criteria can be used to help the organization decide if a risk is tolerable
[SOURCE: ISO Guide 73:2009, 220.127.116.11, modified – Note 2 to entry has been added.]
Source: ISO 17776:2016, Petroleum and natural gas industries — Offshore production installations — Major accident hazard management during the design of new installations, Second Edition, December 2016. Global Standards
Degree to which an entity, asset, system, network, or geographic area is willing to accept risk.
Source:API STANDARD 780, Security Risk Assessment Methodology for the Petroleum and Petrochemical Industries, First Edition, May 2013. Global Standards
Definition: degree to which an entity, asset, system, network, or geographic area is willing to accept risk.
Sample Usage: After a disaster, a community’s risk tolerance may decrease.
Source: DHS Risk Lexicon, U.S. Department of Homeland Security, 2010 Edition. September 2010 Regulatory Guidance
Organization’s or stakeholder’s (18.104.22.168) readiness to bear the risk (1.1) after risk treatment (3.8.1) in order to achieve its objectives.
NOTE Risk tolerance can be influenced by legal or regulatory requirements.
Source: ISO Guide 73:2009(E/F), Risk Management – Vocabulary, First Edition, 2009. Global Standards