Risk Transfer 06
Risk Transfer 06 : Definition: action taken to manage risk that shifts some or all of the risk to another entity, asset, system, network, or geographic area. Sample Usage: A risk transfer may occur after increasing security at one facility because it might make an alternate facility a more attractive target. Annotation: (1) Risk transfer may refer to transferring the risk from asset to asset, asset to system, or some other combination, or shifting the responsibility for managing the risk from one authority to another (for example, responsibility for economic loss could be transferred from a homeowner to an insurance company). (2) Risk transfer is one of a set of four commonly used risk management strategies, along with risk control, risk acceptance, and risk avoidance
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