5. Glossary

Risk acceptance and assessment

"Decision to accept a risk. Estimation is the activity of assigning values to the probability and consequences of a risk". For example: risk management matrices incorporating severity and frequency criteria are used to accept the extent of a risk.

Assets

Is defined as "any element representing value for the organization". Examples include an employee, a computer, a server or a company car.

Preventive action

"Action aimed at eliminating the cause of a potential non-conformity or other potential undesirable situation. For example, setting up a weak signal monitoring unit.

Corrective action

"Action aimed at eliminating the cause of a detected non-conformity or other undesirable situation....