Fundamentals of Risk Management

Appendix B
438
Term
Definition
reference
Corporate social
responsibility (CSR)
Actions to take account of the impact of
activities on stakeholders (CSFSRS),
as well as the environment
Table 20.1
Corrective control
Type of control designed to limit the scope
for loss and reduce any undesirable
outcomes that have been realized
Table 16.1
Cost containment
See ‘Loss control’
Chapter 13
Current risk
Existing level of risk taking into account
the controls in place, sometimes referred to
as ‘net risk’ or ‘managed risk’, but most
frequently as ‘residual risk’
Figure 23.1
Customer offering that 
utilizes resources 
underpinned by resilience 
(CORR)
Description of the business model defined 
by operational and compliance core 
processes that can be modified by strategic 
and tactical core processes
Chapter 20
Damage limitation
See ‘Loss control’
Chapter 13
Detective control
Type of control designed to identify that
a hazard risk has materialized, so that actions
can be taken to avoid further or greater losses
Table 16.1
Directive control
Type of control based on giving directions to
people to behave in a certain way and/or
follow established procedures
Table 16.1
Disaster recovery plan 
(DRP)
Plan for use in the event of a serious loss,
such as IT failure, fire or earthquake to
assist the recovery of the organization and 
support crisis management
Chapter 18
Eliminate
See ‘Terminate’
Chapter 15
Embedded risk 
management
See ‘Leadership, involvement, learning,
accountability and communication’
(LILAC)
Table 24.3
Enterprise risk 
management (ERM)
Integrated and co-ordinated approach to
all the risks faced by the organization –
see range of definitions in Table 8.2
Table 8.2

---