Risk Transfer

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Definitions

European Definitions

ENISA

Risk Transfer is the sharing with another party the burden of loss or benefit of gain, for a risk (refers to ISO/IEC Guide 73). [1]

Other International Definitions

UNISDR

The process of formally or informally shifting the financial consequences of particular risks from one party to another whereby a household, community, enterprise or state authority will obtain resources from the other party after a disaster occurs, in exchange for ongoing or compensatory social or financial benefits provided to that other party. [2]

  • Insurance is a well-known form of risk transfer, where coverage of a risk is obtained from an insurer in exchange for ongoing premiums paid to the insurer.
  • Risk transfer can occur informally within family and community networks where there are reciprocal expectations of mutual aid by means of gifts or credit, as well as formally where governments, insurers, multi-lateral banks and other large risk-bearing entities establish mechanisms to help cope with losses in major events. Such mechanisms include insurance and re-insurance contracts, catastrophe bonds, contingent credit facilities and reserve funds, where the costs are covered by premiums, investor contributions, interest rates and past savings, respectively.


Transfert de risqué: Processus de transfert, formel ou informel, de conséquences financières des risques particuliers d’une entité à une autre, selon laquelle un ménage, une communauté, une entreprise ou une autorité de l’État obtiendrait des ressources de l’autre partie, après la survenance d’une catastrophe, en échange de compensations sociales ou financières fournies à cette autre partie. [3]

Передача риска: Процесс формального или неформального перевода финансовых последствий конкретных рисков с одной стороны на другую, в результате чего домохозяйство, община, предприятие или орган власти получают ресурсы от другой стороны после наступления бедствия обмен на постоянные или компенсационные социальные или финансовые выгоды, предоставляемые этой другой стороне. [4]

Transferencia del riesgo: El proceso de trasladar formal o informalmente las consecuencias financieras de un riesgo en particular de una parte a otra mediante el cual una familia, comunidad, empresa o autoridad estatal obtendrá recursos de la otra parte después que se produzca un desastre, a cambio de beneficios sociales o financieros continuos o compensatorios que se brindan a la otra parte. [5]

تحويل المخاطر : عملية انتقال التبعات المالية المترتبة على مخاطر معينة، بطريقة رسمية أو غير رسمية، من طرف إلى آخر؛ حيث تتمكن العائلة أو المجتمع أو الشركة أو الهيئة الحكومية من الحصول على الموارد من طرف آخر بعد التعرض لكارثة، مقابل التعويضات الاجتماعية أو المالية الممنوحة لهذا الطرف. [6]

Pengalihan risiko: Proses pengalihan konsekuensi finansial yang ditimbulkan risiko-risiko tertentu secara formal maupun informal dari satu pihak ke pihak lain dimana sebuah rumah tangga, komunitas, badan usaha atau kewenangan negara akan mendapatkan sumber daya dari pihak lain setelah sebuah bencana terjadi, sebagai ganti atas manfaat sosial atau finansial yang sedang berjalan atau yang bersifat sebagai kompensasi yang diberikan kepada pihak lain tersebut. [7]

Pemindahan Risiko: Proses pemindahan aspek kewangan risiko tertentu, secara formal atau tidak formal, daripada satu parti ke parti yang lain. Keluarga, komuniti, perusahaan atau pihak berkuasa negara akan menerima sumber daripada parti lain selepas berlakunya bencana, sebagai tukaran kepada imbuhan sosial atau faedah kewangan yang diberikan kepada parti itu. [8]

Paglilipat ng Peligro: Ang proseso ng pormal o impormal na paglilipat ng pinansyal na kahihinatnan ng partikular na mga peligro mula sa isang partido tungo sa isa pa kung-saang ang isang pamilya, komunidad, negosyo (empressa) o awtoridad na pang-estado ay makakakuha ng rekurso mula sa ibang partido pagkaraan ng isang kalamidad bilang kapalit ng tumatakbo o kabayarang sosyal o benipisyong pinansyal na naipagkaloob sa naturang partido. [9]


National Definitions

Australia

Risk transfer is shifting the responsibility or burden for loss to another party through legislation, contract, insurance or other means. [10]

Risk transfer can also refer to shifting a physical risk or part thereof elsewhere.

Cape Verde

Transferência de risco: Processo de mudança de forma formal ou informal das consequências financeiras de riscos específicos de uma parte para outra em que uma família, comunidade, empresa, ou autoridade do Estado obterá recursos da outra parte após a ocorrência de um desastre ocorre em troca de benefícios sociais ou financeiros compensatórios ou contínuos fornecidos à outra parte. [11]


United States

Risk transfer is an action taken to manage risk that shifts some or all of the risk to another entity, asset, system, network, or geographic area. [12]

Standard Definition

See also

Notes

  1. ENISA Risk Glossary
  2. 2009 UNISDR Terminology on Disaster Risk Reduction
  3. UNISDR glossary
  4. UNISDR glossary
  5. UNISDR glossary
  6. UNISDR glossary
  7. UNISDR glossary in Bahasa
  8. UNISDR glossary in Malay
  9. UNISDR glossary in Tagalog
  10. Australian Emergency Management Glossary, Emergency Management Australia (1998)
  11. Avaliação das Necessidades Pós- Desastre (PDNA) ERUPÇÃO VULCÂNICA NO FOGO 2014-2015, Cape Verde
  12. DHS Risk Lexicon 2010 Edition, September 2010