Question:

What does the term residual risk mean in the CRM process?

Answer:

Residual risk refers to any anticipated level of risk that remains after controls have been identified & selected for hazards.

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CRM Risk Management Ethics Security

Disaster management (or emergency management) is the discipline of avoiding and dealing with both natural and man-made disasters. It involves preparedness, response and recovery plans made in order to lessen the impact of disasters.

Preparedness training may be done by private citizens, as by the Federal Emergency Management Agency (FEMA) in the United States.

Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance and other industries and professions. Actuaries are professionals who are qualified in this field through education and experience. In many countries, actuaries must demonstrate their competence by passing a series of rigorous professional examinations.

Actuarial science includes a number of interrelating subjects, including probability, mathematics, statistics, finance, economics, financial economics, and computer programming. Historically, actuarial science used deterministic models in the construction of tables and premiums. The science has gone through revolutionary changes during the last 30 years due to the proliferation of high speed computers and the union of stochastic actuarial models with modern financial theory (Frees 1990).

The residual risk is the risk or danger of an action or an event, a method or a (technical) process that, although being abreast with science, still conceives these dangers, even if all theoretically possible safety measures would be applied (scientifically conceivable measures).

The formula to calculate residual risk is (inherent risk) x (control risk) where inherent risk is (threats × vulnerability).

Hazard

Risk management is the identification, assessment, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives, whether positive or negative) followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities. Risks can come from uncertainty in financial markets, threats from project failures (at any phase in design, development, production, or sustainment life-cycles), legal liabilities, credit risk, accidents, natural causes and disasters as well as deliberate attack from an adversary, or events of uncertain or unpredictable root-cause. Several risk management standards have been developed including the Project Management Institute, the National Institute of Standards and Technology, actuarial societies, and ISO standards. Methods, definitions and goals vary widely according to whether the risk management method is in the context of project management, security, engineering, industrial processes, financial portfolios, actuarial assessments, or public health and safety.

The strategies to manage threats (uncertainties with negative consequences) typically include transferring the threat to another party, avoiding the threat, reducing the negative effect or probability of the threat, or even accepting some or all of the potential or actual consequences of a particular threat, and the opposites for opportunities (uncertain future states with benefits).

The IT risk management is the application of risk management to Information technology context in order to manage IT risk, i.e.:

IT risk management can be considered a component of a wider enterprise risk management system.

A disaster is a natural or man-made (or technological) hazard resulting in an event of substantial extent causing significant physical damage or destruction, loss of life, or drastic change to the environment. A disaster can be ostensively defined as any tragic event stemming from events such as earthquakes, floods, catastrophic accidents, fires, or explosions. It is a phenomenon that can cause damage to life and property and destroy the economic, social and cultural life of people.

In contemporary academia, disasters are seen as the consequence of inappropriately managed risk. These risks are the product of a combination of both hazard/s and vulnerability. Hazards that strike in areas with low vulnerability will never become disasters, as is the case in uninhabited regions.

Science of drugs including their origin, composition, pharmacokinetics,
pharmacodynamics, therapeutic use, and toxicology.

Pharmacology (from Greek φάρμακον, pharmakon, "poison" in classic Greek; "drug" in modern Greek; and -λογία, -logia "study of", "knowledge of") is the branch of medicine and biology concerned with the study of drug action, where a drug can be broadly defined as any man-made, natural, or endogenous (within the body) molecule which exerts a biochemical and/or physiological effect on the cell, tissue, organ, or organism. More specifically, it is the study of the interactions that occur between a living organism and chemicals that affect normal or abnormal biochemical function. If substances have medicinal properties, they are considered pharmaceuticals.

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