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]



National Definitions

Australia

Risk transfer is shifting the responsibility or burden for loss to another party through legislation, contract, insurance or other means. [8]

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

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. [9]


Standard Definition

See also

Notes