Consequence
Consequence is defined as; the outcome of an event expressed either qualitatively or quantitatively, being a loss, injury, disadvantage or gain. There may be a range of possible outcomes associated with an event.
Consequence Cost
Consequence Cost is the Consequence expressed in monetary terms representing the cost to the organisation should the Risk Event occur.
Criticality
Criticality is the importance of an Asset in providing a level of service. In other words, if an Asset fails to deliver an expected level of service due to the occurrence of a Risk Event, how critical is the function without the asset availability.
Criticality Score
The criticality score is a calculated total of the Consequence Ratings in an asset risk analysis.
Probability of Failure
The probability of failure is a quantitative definition of probability or frequency of a particular event. It is represented as a statistical probability for use in a risk analysis.
Risk Event
A Risk Event is defined as an incident or situation which occurs in a particular place during a particular time interval.
Risk Factor
The Risk Factor is a variable that can be applied to a risk analysis for an individual Risk Event. The Risk Factor may be less than one (1) where the risk is reduced by, for example, redundancy of assets or a risk management mitigation strategy. Conversely, the Risk Factor may be more than one (1) where the individual asset risk is increased due to issues such as the environment the asset operates in, performance of the asset compared to others in the same class or political or environmental sensitivity.
Risk Score
The Risk Score is the product of the Criticality Score, the Probability of Failure and the Risk Factor.
Risk Summary
The Risk Summary is a rating (or ranking) of calculated risk relevant to all assets. The Risk Summary is a simplified definition of the determined risk of an asset for reporting and use throughout Conquest.