Complete the sentences using the necessary term from the box.

Risk__ - systematic use of information to identify sources and to estimate the risk. It forms the basis for risk evaluation, risk treatment and risk acceptance.

Risk __ - process of comparing the estimated risk, against given risk criteria to determine the significance of the risk.

Risk__ - terms of reference by which the significance of risk is assessed. They can include associated costs and benefits, legal and statutory requirements, socio-economic and environmental aspects, the concerns of stakeholders, priorities and other inputs to the assessment.

Risk__ - decision not to become involved in, or action to withdraw from, a risk situation.

Risk __ - sharing with another party the burden of loss or benefit or gain, for a risk. Legal, mandatory or statutory rights can limit, prohibit or mandate the transfer of certain risk. It can be carried out through insurance or other agreements.

Risk__ - actions taken to lessen the probability, negative consequence, or both, associated with a risk.

Risk __ - process, related to risk, to minimize the negative and maximize the positive consequences and their respective probabilities.

Risk __ – provision of funds to meet the cost of implementing risk treatment and related costs.

Fill in the gaps.

S__ is any individual, group or organization that can affect, be affected by, or perceive itself to be affected by, a risk.

A person or a group having an interest in the performance or success of an organization is called i__ p__.

P_________ - category of nonprofit assets at risk that includes real p__ (buildings, improvements and betterments), personal p__ (furniture, fixtures, valuable papers and records, equipment, and supplies) and intangible p__ (copyrights, business goodwill and trademarks).

Accident to an employee that occurs within and arises out of the course of employment is o__ a__.

S__ - i__ comes when an organization’s own resources are used to fund losses. A nonprofit may do this through a formally structured risk-financing program, such as a captive insurer, or by setting aside funds to pay for losses.

An individual, business or organization that is identified on the policy declarations page as the insured(s) under a policy is n __ i __ and they are responsible for premium payments, receipt of notices, and adjustment of losses.

Maximum amount that the insurer will pay under a liability policy during one annual policy period, regardless of the number of occurrences, usually in addition to legal defense costs is known as a__ l__.

Exploring the c__ for risk management in a nonprofit is the first step in the risk management process.

Match the words from two columns to form a phrase.