ASQ Risk Management Credential
Risk - answer Defined in ISO 31000 as the effect of uncertainty on objectives. Also
defined as the potential social, economic, or personal loss caused by an adversarial
event.
Risk Event - answer An event that will lead to harmful consequences.
Hazard - answer Potential source of harm.
Consequence - answer The outcome of an event.
Risk Management - answer Defined in ISO 31000 as the identification, analysis,
evaluation, and prioritization of product or service risks, followed by a coordinated
application of resources to minimize, monitor, and control the probability or impact of
risks or to maximize opportunities created by risk. The fundamental purpose of risk
management is to reduce possible risks to acceptable levels before they occur.
Risk Likelihood - answer The estimated probability that a risk will become an actual
outcome or event. Determined by looking at probability, frequency, and occurrence.
Occurrence - answer The happening of a risk event.
Probability - answerA value between 0 and 1 that is used to quantify the chance of a
risk event.
Rate - answerA measure of frequency of risk events with respect to the population
events.
Risk Control - answerThe decision making used to reduce the identified risk to an
acceptable level and/or accept the risk.
Quality Risk - answerThe effect of uncertainty on quality objectives. For example, the
effect of process variation that leads to a critical part being out of tolerance could lead to
a catastrophic failure of an overall product—that's quality risk.
ISO 9001 - answerInternational standard specifying the requirements for a quality
management system; it focuses on risks associated within organizational contexts and
objectives. EX: Manage risks relate to surgeon preferences for a competitor's medical
device when capturing market share.
ISO 31010:2018 - answerDefines the requirements for risk management, encourages a
risk management framework to be incorporated within an organization's strategic and
Risk - answer Defined in ISO 31000 as the effect of uncertainty on objectives. Also
defined as the potential social, economic, or personal loss caused by an adversarial
event.
Risk Event - answer An event that will lead to harmful consequences.
Hazard - answer Potential source of harm.
Consequence - answer The outcome of an event.
Risk Management - answer Defined in ISO 31000 as the identification, analysis,
evaluation, and prioritization of product or service risks, followed by a coordinated
application of resources to minimize, monitor, and control the probability or impact of
risks or to maximize opportunities created by risk. The fundamental purpose of risk
management is to reduce possible risks to acceptable levels before they occur.
Risk Likelihood - answer The estimated probability that a risk will become an actual
outcome or event. Determined by looking at probability, frequency, and occurrence.
Occurrence - answer The happening of a risk event.
Probability - answerA value between 0 and 1 that is used to quantify the chance of a
risk event.
Rate - answerA measure of frequency of risk events with respect to the population
events.
Risk Control - answerThe decision making used to reduce the identified risk to an
acceptable level and/or accept the risk.
Quality Risk - answerThe effect of uncertainty on quality objectives. For example, the
effect of process variation that leads to a critical part being out of tolerance could lead to
a catastrophic failure of an overall product—that's quality risk.
ISO 9001 - answerInternational standard specifying the requirements for a quality
management system; it focuses on risks associated within organizational contexts and
objectives. EX: Manage risks relate to surgeon preferences for a competitor's medical
device when capturing market share.
ISO 31010:2018 - answerDefines the requirements for risk management, encourages a
risk management framework to be incorporated within an organization's strategic and
