{"id":209,"date":"2025-11-24T16:21:23","date_gmt":"2025-11-24T16:21:23","guid":{"rendered":"https:\/\/new.dev.www.purdue.edu\/ia\/erm\/?page_id=209"},"modified":"2026-02-20T14:41:18","modified_gmt":"2026-02-20T14:41:18","slug":"glossary","status":"publish","type":"page","link":"https:\/\/www.purdue.edu\/ia\/erm\/glossary\/","title":{"rendered":"Glossary"},"content":{"rendered":"<div  class=\"purdue-home-cta-banner purdue-home-teritary-hero \">\n        <div class=\"section has-black-background has-padding-top-large has-padding-bottom-large \">\n        <div class=\"container\">\n            <h1 class=\"second-level-page-heading purdue-home-teritary-hero__header\">Glossary<\/h1>\n            <div class=\"purdue-home-teritary-hero__content\">\n                \n\n<p class=\"wp-block-paragraph\"><\/p>\n\n            <\/div>\n                    <\/div>\n    <\/div>\n<\/div>\n\n\n\n<div class=\"purdue-accordion-wrap  purdue-accordion-wrap--small\">\n    <div class=\"section has-none-background has-padding-top-none has-padding-bottom-none\">\n        <div class=\"container\">\n            <div class=\"purdue-accordion has-no-bottomborder\">\n                <h3 class=\"accordion__heading purdue-accordion__title  purdue-accordion__title--small\" id=\"title-bfc01a41-89e8-4237-849e-dd9396e2cdfa\">\n                    <button aria-controls=\"content-bfc01a41-89e8-4237-849e-dd9396e2cdfa\" aria-expanded=\"false\"><strong>Enterprise Risk Management (ERM)<\/strong><\/button>\n                <\/h3>\n                <div class=\"accordion__content purdue-accordion__content\" id=\"content-bfc01a41-89e8-4237-849e-dd9396e2cdfa\" hidden aria-hidden=\n                \"true\">\n                    \n\n<p class=\"wp-block-paragraph\"><br>A comprehensive and integrated approach to identifying, assessing, managing, and monitoring risks across the entire University system<\/p>\n\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/div>\n\n\n\n<div class=\"purdue-accordion-wrap  purdue-accordion-wrap--small\">\n    <div class=\"section has-none-background has-padding-top-none has-padding-bottom-none\">\n        <div class=\"container\">\n            <div class=\"purdue-accordion has-no-bottomborder\">\n                <h3 class=\"accordion__heading purdue-accordion__title  purdue-accordion__title--small\" id=\"title-337fb0e1-1808-4560-b997-a3a95f134614\">\n                    <button aria-controls=\"content-337fb0e1-1808-4560-b997-a3a95f134614\" aria-expanded=\"false\"><strong>Impact<\/strong><\/button>\n                <\/h3>\n                <div class=\"accordion__content purdue-accordion__content\" id=\"content-337fb0e1-1808-4560-b997-a3a95f134614\" hidden aria-hidden=\n                \"true\">\n                    \n\n<p class=\"wp-block-paragraph\"><br>The potential consequences or effects (financial, strategic, safety, legal\/compliance, and reputation) that a risk event could have on the University.<\/p>\n\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/div>\n\n\n\n<div class=\"purdue-accordion-wrap  purdue-accordion-wrap--small\">\n    <div class=\"section has-none-background has-padding-top-none has-padding-bottom-none\">\n        <div class=\"container\">\n            <div class=\"purdue-accordion has-no-bottomborder\">\n                <h3 class=\"accordion__heading purdue-accordion__title  purdue-accordion__title--small\" id=\"title-e24cd061-86b6-4e64-8b94-e4925e476522\">\n                    <button aria-controls=\"content-e24cd061-86b6-4e64-8b94-e4925e476522\" aria-expanded=\"false\"><strong>Inherent Risk <\/strong><\/button>\n                <\/h3>\n                <div class=\"accordion__content purdue-accordion__content\" id=\"content-e24cd061-86b6-4e64-8b94-e4925e476522\" hidden aria-hidden=\n                \"true\">\n                    \n\n<p class=\"wp-block-paragraph\"><br>Risk that exists at the University or process before considering any risk management or mitigation activities that are implemented to reduce the impact or likelihood of a risk.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"661\" height=\"461\" src=\"https:\/\/www.purdue.edu\/ia\/erm\/wp-content\/uploads\/sites\/4\/2026\/01\/ERM-risk-assessment-measurement-of-risk.png\" alt=\"Graphic showing inherent risk as a taller bar and residual risk as a shorter bar to illustrate risk reduction after mitigation\" class=\"wp-image-403\" style=\"width:700px\" srcset=\"https:\/\/www.purdue.edu\/ia\/erm\/wp-content\/uploads\/sites\/4\/2026\/01\/ERM-risk-assessment-measurement-of-risk.png 661w, https:\/\/www.purdue.edu\/ia\/erm\/wp-content\/uploads\/sites\/4\/2026\/01\/ERM-risk-assessment-measurement-of-risk-300x209.png 300w\" sizes=\"auto, (max-width: 661px) 100vw, 661px\" \/><\/figure>\n\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/div>\n\n\n\n<div class=\"purdue-accordion-wrap  purdue-accordion-wrap--small\">\n    <div class=\"section has-none-background has-padding-top-none has-padding-bottom-none\">\n        <div class=\"container\">\n            <div class=\"purdue-accordion has-no-bottomborder\">\n                <h3 class=\"accordion__heading purdue-accordion__title  purdue-accordion__title--small\" id=\"title-e65a664c-82c7-400f-86fd-5f477177a6bd\">\n                    <button aria-controls=\"content-e65a664c-82c7-400f-86fd-5f477177a6bd\" aria-expanded=\"false\">Likelihood<\/button>\n                <\/h3>\n                <div class=\"accordion__content purdue-accordion__content\" id=\"content-e65a664c-82c7-400f-86fd-5f477177a6bd\" hidden aria-hidden=\n                \"true\">\n                    \n\n<p class=\"wp-block-paragraph\">The probability of the chance of occurrence of a risk event.<\/p>\n\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/div>\n\n\n\n<div class=\"purdue-accordion-wrap  purdue-accordion-wrap--small\">\n    <div class=\"section has-none-background has-padding-top-none has-padding-bottom-none\">\n        <div class=\"container\">\n            <div class=\"purdue-accordion has-no-bottomborder\">\n                <h3 class=\"accordion__heading purdue-accordion__title  purdue-accordion__title--small\" id=\"title-b192c7aa-322c-444b-a2c5-ed6335fb05b9\">\n                    <button aria-controls=\"content-b192c7aa-322c-444b-a2c5-ed6335fb05b9\" aria-expanded=\"false\">Mitigation Activities<\/button>\n                <\/h3>\n                <div class=\"accordion__content purdue-accordion__content\" id=\"content-b192c7aa-322c-444b-a2c5-ed6335fb05b9\" hidden aria-hidden=\n                \"true\">\n                    \n\n<p class=\"wp-block-paragraph\">Actions or activities that minimize impact severity or likelihood of a risk.<\/p>\n\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/div>\n\n\n\n<div class=\"purdue-accordion-wrap  purdue-accordion-wrap--small\">\n    <div class=\"section has-none-background has-padding-top-none has-padding-bottom-none\">\n        <div class=\"container\">\n            <div class=\"purdue-accordion has-no-bottomborder\">\n                <h3 class=\"accordion__heading purdue-accordion__title  purdue-accordion__title--small\" id=\"title-979ad6e6-1010-4ae2-9b32-ccda55be5b6c\">\n                    <button aria-controls=\"content-979ad6e6-1010-4ae2-9b32-ccda55be5b6c\" aria-expanded=\"false\">Residual Risk<\/button>\n                <\/h3>\n                <div class=\"accordion__content purdue-accordion__content\" id=\"content-979ad6e6-1010-4ae2-9b32-ccda55be5b6c\" hidden aria-hidden=\n                \"true\">\n                    \n\n<p class=\"wp-block-paragraph\">Risk that remains after risk management or mitigation activities are implemented to reduce the impact or likelihood of a risk.<\/p>\n\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/div>\n\n\n\n<div class=\"purdue-accordion-wrap  purdue-accordion-wrap--small\">\n    <div class=\"section has-none-background has-padding-top-none has-padding-bottom-none\">\n        <div class=\"container\">\n            <div class=\"purdue-accordion has-no-bottomborder\">\n                <h3 class=\"accordion__heading purdue-accordion__title  purdue-accordion__title--small\" id=\"title-0c446f53-0b5c-488e-aae5-c893752944e1\">\n                    <button aria-controls=\"content-0c446f53-0b5c-488e-aae5-c893752944e1\" aria-expanded=\"false\">Risk<\/button>\n                <\/h3>\n                <div class=\"accordion__content purdue-accordion__content\" id=\"content-0c446f53-0b5c-488e-aae5-c893752944e1\" hidden aria-hidden=\n                \"true\">\n                    \n\n<p class=\"wp-block-paragraph\">Potential internal or external events or decisions that could preclude the University from achieving its strategic organizational or departmental objectives.<\/p>\n\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/div>\n\n\n\n<div class=\"purdue-accordion-wrap  purdue-accordion-wrap--small\">\n    <div class=\"section has-none-background has-padding-top-none has-padding-bottom-none\">\n        <div class=\"container\">\n            <div class=\"purdue-accordion has-no-bottomborder\">\n                <h3 class=\"accordion__heading purdue-accordion__title  purdue-accordion__title--small\" id=\"title-eecca834-9a6d-44ea-9b50-c309cf60de81\">\n                    <button aria-controls=\"content-eecca834-9a6d-44ea-9b50-c309cf60de81\" aria-expanded=\"false\">Risk Event<\/button>\n                <\/h3>\n                <div class=\"accordion__content purdue-accordion__content\" id=\"content-eecca834-9a6d-44ea-9b50-c309cf60de81\" hidden aria-hidden=\n                \"true\">\n                    \n\n<p class=\"wp-block-paragraph\">The occurrence of a risk.<\/p>\n\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/div>\n\n\n\n<div class=\"purdue-accordion-wrap  purdue-accordion-wrap--small\">\n    <div class=\"section has-none-background has-padding-top-none has-padding-bottom-none\">\n        <div class=\"container\">\n            <div class=\"purdue-accordion has-no-bottomborder\">\n                <h3 class=\"accordion__heading purdue-accordion__title  purdue-accordion__title--small\" id=\"title-234661c8-c0c8-4f44-a195-fdc758ecf782\">\n                    <button aria-controls=\"content-234661c8-c0c8-4f44-a195-fdc758ecf782\" aria-expanded=\"false\">Risk Management<\/button>\n                <\/h3>\n                <div class=\"accordion__content purdue-accordion__content\" id=\"content-234661c8-c0c8-4f44-a195-fdc758ecf782\" hidden aria-hidden=\n                \"true\">\n                    \n\n<p class=\"wp-block-paragraph\">A systemic process for identifying, assessing, and controlling risk.<\/p>\n\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/div>\n\n\n\n<div class=\"purdue-accordion-wrap  purdue-accordion-wrap--small\">\n    <div class=\"section has-none-background has-padding-top-none has-padding-bottom-none\">\n        <div class=\"container\">\n            <div class=\"purdue-accordion has-no-bottomborder\">\n                <h3 class=\"accordion__heading purdue-accordion__title  purdue-accordion__title--small\" id=\"title-14e8de35-5192-4efa-8c39-7aca697f4636\">\n                    <button aria-controls=\"content-14e8de35-5192-4efa-8c39-7aca697f4636\" aria-expanded=\"false\">Speed of Onset<\/button>\n                <\/h3>\n                <div class=\"accordion__content purdue-accordion__content\" id=\"content-14e8de35-5192-4efa-8c39-7aca697f4636\" hidden aria-hidden=\n                \"true\">\n                    \n\n<p class=\"wp-block-paragraph\">A time measurement of how quickly the impact of a risk event would be felt by the University.<\/p>\n\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/div>\n\n\n<div  class=\"purdue-home-cta-stack has-gray-background noback\">\n    <div class=\"section has-padding-top-large has-padding-bottom-large\">\n        <div class=\"container\">\n                            <div class=\"purdue-home-cta-stack__intro\">\n                                                                <div class=\"purdue-home-cta-stack__content\">\n                            \n\n<p class=\"wp-block-paragraph\"><\/p>\n\n                        <\/div>\n                                    <\/div>\n                                        <div class=\"purdue-home-cta-stack__cards\">\n                    <div class=\"columns\">\n                                                    <div class=\"column\">\n                                                                <a class=\"purdue-home-cta-card purdue-home-cta-card--horizontal\" href=\"https:\/\/www.purdue.edu\/ia\/erm\/erm-request-form\/\" target=\"_self\">\n                                    <figure class=\"image\">\n                                        <img decoding=\"async\" class=\"purdue-home-background-image\" alt=\"\" src=\"https:\/\/www.purdue.edu\/ia\/erm\/wp-content\/uploads\/sites\/4\/2025\/11\/Training-and-Resources.jpg\" \/>\n                                    <\/figure>\n                                    <div class=\"flex-container flex-container--align-center\">\n                                        <h2 class=\"purdue-home-cta-stack__card-title\">Training &amp; Resources<\/h2>\n                                        <p class=\"purdue-home-cta-stack__card-subtext\"><\/p>\n                                    <\/div>\n                                <\/a>\n                            <\/div>\n                                                    <div class=\"column\">\n                                                                <a class=\"purdue-home-cta-card purdue-home-cta-card--horizontal\" href=\"\/ia\/erm\/frequently-asked-questions\/\" target=\"_self\">\n                                    <figure class=\"image\">\n                                        <img decoding=\"async\" class=\"purdue-home-background-image\" alt=\"\" src=\"https:\/\/www.purdue.edu\/ia\/erm\/wp-content\/uploads\/sites\/4\/2025\/11\/Frequently-Asked-Questions.jpg\" \/>\n                                    <\/figure>\n                                    <div class=\"flex-container flex-container--align-center\">\n                                        <h2 class=\"purdue-home-cta-stack__card-title\">Frequently Asked Questions<\/h2>\n                                        <p class=\"purdue-home-cta-stack__card-subtext\"><\/p>\n                                    <\/div>\n                                <\/a>\n                            <\/div>\n                                                    <div class=\"column\">\n                                                                <a class=\"purdue-home-cta-card purdue-home-cta-card--horizontal\" href=\"\/ia\/erm\/glossary\/\" target=\"_self\">\n                                    <figure class=\"image\">\n                                        <img decoding=\"async\" class=\"purdue-home-background-image\" alt=\"Student reading book\" src=\"https:\/\/www.purdue.edu\/ia\/erm\/wp-content\/uploads\/sites\/4\/2025\/11\/Glossary.jpg\" \/>\n                                    <\/figure>\n                                    <div class=\"flex-container flex-container--align-center\">\n                                        <h2 class=\"purdue-home-cta-stack__card-title\">Glossary<\/h2>\n                                        <p class=\"purdue-home-cta-stack__card-subtext\"><\/p>\n                                    <\/div>\n                                <\/a>\n                            <\/div>\n                                            <\/div>\n                <\/div>\n                    <\/div>\n    <\/div>\n<\/div>\n\n\n<div  class=\"purdue-home-cta-stack has-none-background noback\">\n    <div class=\"section has-padding-top-large has-padding-bottom-large\">\n        <div class=\"container\">\n                            <div class=\"purdue-home-cta-stack__intro\">\n                                                                <div class=\"purdue-home-cta-stack__content\">\n                            \n\n<p class=\"wp-block-paragraph\"><\/p>\n\n                        <\/div>\n                                    <\/div>\n                                        <div class=\"purdue-home-cta-stack__cards\">\n                    <div class=\"columns\">\n                                                    <div class=\"column\">\n                                                                <a class=\"purdue-home-cta-card purdue-home-cta-card--horizontal\" href=\"\/hotline\/\" target=\"_blank\">\n                                    <figure class=\"image\">\n                                        <img decoding=\"async\" class=\"purdue-home-background-image\" alt=\"\" src=\"https:\/\/www.purdue.edu\/ia\/wp-content\/uploads\/2025\/11\/hotline-cta.png\" \/>\n                                    <\/figure>\n                                    <div class=\"flex-container flex-container--align-center\">\n                                        <h2 class=\"purdue-home-cta-stack__card-title\">Purdue University\u2019s Enterprise-wide Hotline<\/h2>\n                                        <p class=\"purdue-home-cta-stack__card-subtext\">Purdue University is committed to providing an environment where individuals may report, in a simple anonymous way, suspected fraud; waste; issues of academic integrity or scholastic misconduct; misuse of University assets; or regulatory noncompliance. If you are a victim of sexual assault, dating violence, domestic violence, or stalking and would like to speak with a crisis counselor, please call the Center for Advocacy, Response, and Education (CARE) 24-hour confidential hotline at 765-495-CARE (2273).<\/p>\n                                    <\/div>\n                                <\/a>\n                            <\/div>\n                                            <\/div>\n                <\/div>\n                    <\/div>\n    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-209","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Glossary - Enterprise Risk Management<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.purdue.edu\/ia\/erm\/glossary\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Glossary | Enterprise Risk Management\" \/>\n<meta property=\"og:description\" content=\"Independent assurance that internal controls, risk management, and governance operate effectively.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.purdue.edu\/ia\/erm\/glossary\/\" \/>\n<meta property=\"og:site_name\" content=\"Enterprise Risk Management\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-20T14:41:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.purdue.edu\/ia\/erm\/wp-content\/uploads\/sites\/4\/2026\/01\/ERM-risk-assessment-measurement-of-risk.png\" \/>\n\t<meta property=\"og:image:width\" content=\"661\" \/>\n\t<meta property=\"og:image:height\" content=\"461\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.purdue.edu\\\/ia\\\/erm\\\/glossary\\\/\",\"url\":\"https:\\\/\\\/www.purdue.edu\\\/ia\\\/erm\\\/glossary\\\/\",\"name\":\"Glossary - 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