Risk factor: A characteristic, condition, or variable that increases the potential for an undesirable outcome or a risk to occur. These are aspects that can increase vulnerability, affect threat potential, or cause uncertainty in achieving objectives. Identifying risk factors helps in developing strategies to mitigate or manage the risk.

Risk frameworks: Structured guidelines that provide a systematic approach to identifying, assessing, managing, and monitoring risks. They offer a set of principles and practices for understanding and handling risks within an organization. Popular risk frameworks include the Risk Management Framework (RMF) and the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework. These frameworks guide organizations in integrating risk management practices into their overall governance and management practices.

Risk identification: The first step in the risk management process, where organizations recognize and describe risks that might impact the achievement of their objectives. This process involves the identification of potential threats and vulnerabilities that could negatively affect operations or assets. Identifying risks early allows for timely risk management and mitigation strategies to be implemented.

Risk index: A numerical estimation of risk calculated using multiple factors that contribute to the potential risk. This index helps organizations quantify risk, making it easier to understand, compare, and manage. The risk index can be used to prioritize risks, guide decision-making processes, and allocate resources effectively to mitigate potential threats.

Risk Indicators (Key Risk Indicators - KRIs): Statistical metrics and benchmarks used to provide an early signal of increasing risk exposures in various areas of an organization. They help in monitoring and controlling risk levels, ensuring management can take timely, corrective action to maintain risk within acceptable limits.

Risk management: The coordinated activities undertaken to direct and control an organization with regard to risk. It involves the identification, assessment, and prioritization of risks, followed by the application of resources to reduce, monitor, and control the likelihood or impact of unwanted events. Effective risk management helps in reducing the likelihood of a disruptive event and mitigates the impact if such an event occurs.