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Risk management is the identification, evaluation, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events [1] or to maximize the realization of opportunities.
Risk matrix. A risk matrix is a matrix that is used during risk assessment to define the level of risk by considering the category of likelihood (often confused with one of its possible quantitative metrics, i.e. the probability) against the category of consequence severity. This is a simple mechanism to increase visibility of risks and assist ...
The Injury Severity Score ( ISS) is an established medical score to assess trauma severity. [1] [2] It correlates with mortality, morbidity and hospitalization time after trauma. It is used to define the term major trauma. A major trauma (or polytrauma) is defined as the Injury Severity Score being greater than 15. [2]
The Abbreviated Injury Scale ( AIS) is an anatomical-based coding system created by the Association for the Advancement of Automotive Medicine to classify and describe the severity of injuries. [1] [2] [3] It represents the threat to life associated with the injury rather than the comprehensive assessment of the severity of the injury. [4]
Risk assessment is an inherent part of a broader risk management strategy to help reduce any potential risk-related consequences. [1] [2] More precisely, risk assessment identifies and analyses potential (future) events that may negatively impact individuals, assets, and/or the environment (i.e. hazard analysis ).
A severance package is pay and benefits that employees may be entitled to receive when they leave employment at a company unwillfully. In addition to their remaining regular pay, it may include some of the following: Any additional payment based on months of service. Payment for unused accrued PTO vacation time, holiday pay or sick leave unless ...
ISO 31000 is a family of international standards relating to risk management codified by the International Organization for Standardization. [1] The standard is intended to provide a consistent vocabulary and methodology for assessing and managing risk, resolving the historic ambiguities and differences in the ways risk are described.
In insurance, incurred but not reported ( IBNR) claims is the amount owed by an insurer to all valid claimants who have had a covered loss but have not yet reported it. Since the insurer knows neither how many of these losses have occurred, nor the severity of each loss, IBNR is necessarily an estimate. The sum of IBNR losses plus reported ...