A risk that has been assessed as requiring risk controls/barriers to reduce that risk to an acceptable level.
It is an important judgement for a company to determine which risks are considered “significant”. This may be based on its process and criteria for risk acceptability. Significant risks may also have assessment and/or controls defined and/or required through regulatory compliance.
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
Significant risk has a meaning affected by section 25, 26, 27, 28 or 29.
Source: Offshore Petroleum and Greenhouse Gas Storage Act 2006, Australia, amended 2012. Legislation