Fundamentals of Risk Management

abbreviation Term in full
reference
4Cs
Comfort, cautious, concerned and critical
Figure 10.1
4Es
Explore, exit, exploit and exist
Figure 15.2
4Ns
Naïve, novice, normalized and natural
Figure 24.1
4Ps
People, premises, processes and products
Table 3.2
4Ts
Tolerate, treat, transfer and terminate
Chapter 15
5Cs
Clear, concise, coherent, credible and complete
Chapter 26
5Es
Explore, exit or expand, exploit and exist
Figure 15.3
6Cs
Cost, coverage, capacity, capabilities, claims and 
compliance
Chapter 17
8Rs
Recognition, rating, ranking, responding, resourcing 
controls, reaction planning, reporting and reviewing
Figure 4.1
BCP
Business continuity plan
Chapter 18
BIA
Business impact analysis
Chapter 18
APPenDIx A
Abbreviations and acronyms
t
he table below sets out the main abbreviations and acronyms and is provided as 
a reference list for the 50 most important abbreviations and/or acronyms that are 
used in the book. This appendix should also be cross-referenced with the definitions 
set out in Appendix B. However, not all of the ab breviations and acronyms have
corresponding entries in Appendix B, because some of the entries in this appendix 
relate to concepts and ideas, rather than a topic that can be summarized by way of a 
short definition.
The reference provided in the right-hand column refers to a specific figure or 
table, where one is provided. If there is no specific figure or table, a general reference 
to the chapter that discusses the abbreviation or acronym is provided.
433

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Appendix A
434
abbreviation Term in full
reference
BPR
Business process re-engineering
Chapter 19
CASE
Capabilities, activities, standards and ethics
Chapter 20
CEO
Chief executive officer
Chapter 22
CoCo
Criteria of control
Figure 33.1
CORR
Customer, offering, resources and resilience
Chapter 20
COSO
Committee of sponsoring organizations of the Treadway 
committee
Figure 6.3
CRAM
Communication, relationship, analytical and 
management
Table 27.2
CRO
Chief risk officer
Chapter 22
CRSA
Control risk self-assessment
Chapter 34
CSFSRS
Customers, staff, financiers, suppliers, regulators and 
society
Chapter 29
CSR
Corporate social responsibility
Table 20.1
DRP
Disaster recovery plan
Chapter 18
EM3
Embrace, manage, mitigate, minimize
Chapter 3
ERM
Enterprise risk management
Chapter 8
FIRM
Financial, infrastructure, reputational and marketplace
Table 11.2
FOIL
Fragmented, organized, influential and leading
Table 24.3
FMEA
Failure modes effects analysis
Chapter 10
GRC
Governance, risk and compliance
Figure 35.2
HAZOP
Hazard and operability
Chapter 10
IIA
Institute of Internal Auditors
Chapter 35
IRM
Institute of Risk Management
Table 1.1

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