Residual risk refers to the level of risk that remains after all mitigating measures and controls have been implemented. In risk management, organizations identify, assess, and apply strategies to reduce risks to an acceptable level. However, it is often impossible to eliminate all risks entirely, even with the best precautions in place. Residual risk is important because it helps organizations understand the potential impacts that could still arise despite their efforts to mitigate risks.

Market risk, also known as systematic risk, refers to the potential for losses in investments due to factors that affect the overall performance of the financial markets. Unlike specific or unsystematic risk, which pertains to individual securities or companies, market risk is influenced by broader economic, political, and environmental factors that impact the market as a whole. Key elements of market risk include: 1. **Types of Market Risk**: - **Equity Risk**: The risk of price fluctuations in stock markets.

Risk management in business refers to the systematic approach to identifying, assessing, and mitigating potential risks that could negatively impact an organization's operations, assets, or reputation. The goal of risk management is to minimize the likelihood and impact of adverse events while maximizing opportunities that can positively affect the business. Key components of risk management in business include: 1. **Risk Identification**: Recognizing potential risks that could affect the organization.

The Weighted Product Model (WPM) is a multi-criteria decision-making (MCDM) method used for ranking and selecting alternatives based on multiple criteria. It is particularly useful when evaluating options that have both qualitative and quantitative attributes. ### Key Concepts of the Weighted Product Model: 1. **Alternatives and Criteria**: The model involves a set of alternatives (options to choose from) and a set of criteria (factors that will be considered in the evaluation).

Cybersecurity rating refers to a system or metric that evaluates and quantifies the security posture of an organization’s digital assets, IT infrastructure, and practices. These ratings are designed to provide an overall assessment of an organization's ability to protect itself from cyber threats, vulnerabilities, and risks. A cybersecurity rating can come from various sources and can be based on factors such as: 1. **Vulnerability Assessments**: Analysis of known vulnerabilities within the organization's systems, software, and hardware.

Buffered Probability of Exceedance (BPE) is a concept used in risk assessment, particularly in the fields of hydrology, environmental science, and engineering. It helps in understanding the likelihood of an event, such as flooding, occurring beyond a certain threshold, while also accounting for uncertainties in the data.

A Prevention of Future Deaths (PFD) report is issued by a coroner in the UK following an investigation into a death where there are concerns that similar incidents could occur in the future. The PFD report aims to highlight systemic issues or failures that may have contributed to the death, thereby prompting actions to prevent future fatalities.

The Public Entity Risk Institute (PERI) is a nonprofit organization focused on risk management and risk assessment specifically for public entities, such as local governments, schools, and other public institutions. Established to promote the effective use of risk management practices, PERI provides resources, training, and support to help public entities understand and mitigate risks associated with their operations. PERI engages in various activities, including research, workshops, conferences, and publications designed to enhance the understanding of risk management principles.

Functional safety is a concept that ensures a system or device operates correctly in response to its inputs while maintaining a state of safety, even in the presence of faults or failures. It is particularly important in industries where safety is critical, such as automotive, aerospace, industrial automation, medical devices, and nuclear power. The main objectives of functional safety include: 1. **Risk Assessment**: Identifying and evaluating potential hazards and their associated risks within a system.

A megaproject is typically defined as a large-scale and complex venture that requires significant investment, typically exceeding a billion dollars, and involves extensive coordination and resources. These projects often have ambitious goals and can span multiple years or even decades to complete. Megaprojects are commonly found in sectors such as infrastructure (e.g., highways, bridges, railways, airports), energy (e.g., power plants, oil and gas extraction facilities), urban development (e.g.

Risk aggregation is the process of consolidating, measuring, and analyzing various types of risks within an organization or a portfolio to understand the overall risk exposure. This practice is essential for making informed decisions regarding risk management, resource allocation, and strategic planning. ### Key Elements of Risk Aggregation: 1. **Identification of Risks**: Assess all possible risks, including credit, market, operational, liquidity, and regulatory risks, among others.

Risk-Based Inspection (RBI) is a systematic approach used primarily in industries such as oil and gas, chemical processing, and power generation to prioritize and manage the inspection and maintenance of assets based on their risk levels. The core idea behind RBI is to focus resources on the most critical components or systems that pose the highest risk to safety, environmental protection, and operational integrity.

The year 1995 was significant in the field of robotics for several reasons, notably due to advancements in various areas including research, competitions, and commercial developments. Here are some highlights from that year: 1. **Robotics Competitions**: The first RoboCup soccer competition was held in 1997, but preparations and ideas for competitions were already being discussed in the mid-1990s.

The term "spurious trip level" typically refers to an unwanted or false triggering of a protective system, such as an electrical circuit breaker, safety relay, or protective relay in various industrial applications. In the context of protective relays, a "trip" occurs when the relay detects a fault condition (such as overcurrent, overvoltage, or ground fault) and subsequently disconnects the electrical supply to prevent damage to equipment or ensure safety.

Supply chain resilience refers to the ability of a supply chain to anticipate, prepare for, respond to, and recover from unexpected disruptions while maintaining continuous operations and ensuring optimal customer service. It encompasses the strategies, processes, and practices that organizations implement to bolster the robustness of their supply chains in the face of various challenges, such as natural disasters, geopolitical shifts, economic fluctuations, pandemics, or technological disruptions.

A worst-case scenario refers to the most adverse or unfavorable outcome that can occur in a given situation or set of circumstances. This concept is often used in risk management, planning, decision-making, and various fields such as finance, project management, disaster response, and even everyday life. In a worst-case scenario, analysts or planners consider various factors that could lead to the most negative result, allowing them to prepare for that situation and develop strategies to mitigate risks or manage impacts.

The number 118 can refer to different contexts, but generally, it is simply the whole number that comes after 117 and before 119. Here are a few interesting facts about the number 118: 1. **Mathematics**: It is an even number, and its prime factorization is \(2 \times 59\). It is also classified as a composite number, as it has divisors other than 1 and itself.

The 1950s were a pivotal decade for the field of robotics, marking the early days of automated machinery and the theoretical groundwork for what would eventually become modern robotics. Here are some key developments and concepts from that era: 1. **Early Automation**: The 1950s saw the introduction of automated machinery in factories, leading to increased efficiency in manufacturing processes. While these machines were not robots by today's definitions, they laid the groundwork for later developments in robotics.

The year 1986 was significant in the field of robotics for several reasons, particularly due to advancements in artificial intelligence, robotics research, and notable robotic systems being developed or popularized during that time. 1. **Robotics Research and Development**: The mid-1980s saw an increase in robotics research, particularly in relation to AI and control systems. Significant research was being conducted in various institutions, pushing the boundaries of what robots could do.

In 1994, several significant events and developments occurred in the field of robotics: 1. **Robotic Competitions**: The 1994 RoboCup initiative was launched, promoting research in multi-agent systems through soccer-playing robots. This project aimed to foster advancements in robotics and AI by creating a platform for competition. 2. **Research Advances**: The early 1990s saw considerable progress in the field of robotics research.