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The term "acceptable risk" describes the likelihood of an event whose probability of occurrence is small, whose consequences are so slight, or whose benefits (perceived or real) are so great, that individuals or groups in society are willing to take or be subjected to the risk that the event might occur.
Aug 15, 2017 · Acceptable risk is a risk exposure that is deemed acceptable to an individual, organization, community or nation. Acceptable risks are defined in terms of the probability and impact of a particular risk.
Acceptable risk refers to the level of risk that is considered tolerable in a particular context, balancing the potential benefits and the likelihood of adverse outcomes. In underwriting, it is crucial to assess acceptable risk as it guides insurers in determining the insurability of applicants and helps in establishing premiums.
Jan 9, 2002 · For those who prefer to deal in terms of acceptable risk, it is defined as that risk which is tolerated in a given context based on current values of society. Examples of Acceptable Risk. Descriptions of acceptable risk levels in use are demonstrated by the following examples. 1. NASA-STD-8719.7, January 1998, defines acceptable risk ...
Sep 29, 2022 · Accepting risk, or risk retention, is a conscious strategy of acknowledging the possibility for small or infrequent risks without taking steps to hedge, insure, or avoid those risks.
In this chapter, several common interpretations of risk and safety have been discussed. Although it is well known that different people use the key concepts of risk research differently, a better mapping of the differences in usage of “risk” and “safety” in various fields is much needed.
Acceptable risk. The level of potential losses a society or community considers acceptable given existing social, economic, political, cultural, technical, and environmental conditions.
Jan 1, 2020 · Risk acceptance should lead to the determination of the scope and nature of risk assessment and subsequent risk management. All human activity requires individuals and society to assume some level of risk. Risk assessment and management aim to identify and reduce the risks related to industrial activity.
May 28, 2013 · The chapter offers several examples of the use of the term acceptable risk, and discussions that address the impossibility of achieving zero risk levels. It explores the inadequacy of “minimum risk” as a replacement term for “acceptable risk”.
Understanding acceptable risk requires a comprehensive assessment of the organization’s risk appetite, regulatory requirements, and business objectives.
