Risk Transfer
What is Risk Transfer?
A risk treatment strategy that shifts the financial impact of a risk to another party, typically through insurance policies or contractual arrangements.
Terms that appear alongside risk transfer
Each of these is named in at least one of the same controls as risk transfer. The number is how many controls name both.
- risk treatment 3 shared controls
- iso 31000 2 shared controls
- compliance 2 shared controls
- governance 2 shared controls
Frameworks that govern risk transfer
What the standards actually require on risk transfer
Requirements naming risk transfer across 6 standards, quoted from the control text.
Articles A2 (Delivery) + A3 (Transfer of Risks) + A9 (Allocation of Costs) are the critical economic articles in Incoterms 2020. Risk transfer timing varies by Incoterm: EXW at seller premises;
ICC-Incoterms2020-Delivery-RiskTransfer-CostAllocation-A2-A3-A9 · ICC Incoterms 2020 - Delivery + Risk Transfer + Cost Allocation - Articles A2 A3 A9 + Critical Timing →Insurers manage reinsurance and risk transfer arrangements with appropriate counterparty risk controls.
ICP13 · Reinsurance and Other Forms of Risk Transfer →Cyber Insurance. RLEs should consider the benefits of purchasing a cyber insurance policy as part of their risk transfer strategy (para 24).
BMA-27 · Cyber Insurance →The IRM Standard introduces a four-category risk taxonomy + FOIL (Financial/Operational/Internal/External) typology to provide comprehensive Risk Universe coverage.
IRM-RiskCategories-Strategic-Financial-Operational-Knowledge-FOIL-External-Internal-DownsideUpside · IRM Four Risk Categories - Strategic + Financial + Operational + Knowledge + FOIL Typology + External vs Internal + Downside Threats and Upside Opportunities + Risk Universe →Select and implement options for addressing AI-specific risks including risk avoidance, acceptance, mitigation through controls, or risk transfer.
ISO23894-6.4 · AI Risk Treatment →Implement Online Financial Services Authentication + Payment Card Security per MAS TRM Chapters 12 + 13. Chapter 12 Online Financial Services Authentication - Two-Factor Authentication (2FA) for customer-facing online services + Strong Customer Authentication...
MAS-TRM-Online-Authentication-Payment-Card-Chapters-12-13-2FA-Strong-Customer-Authentication-PCI-DSS · MAS TRM Online Authentication + Payment Card + Chapters 12-13 + 2FA + Strong Customer Authentication + PCI DSS →Questions people ask about risk transfer
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