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Category Term Definition
Oversight
Function
The set of activities, which makes OR transparent to allow
(senior) management to take decisions and the independent
monitoring of the adequacy and the completion of the consequent
actions. In addition the Oversight Function is responsible
for ensuring consistency of methodologies, policies,
systems and procedures. In some firms this set of activities
is performed by OR controlling or OR management functions.
Instruments
Benchmark
A value which is used to compare the situation in the own
organisation with the situation in other organisations (external
benchmarking) or between organisational units
within one organisation (internal benchmarking).
Best practice
Business Continuity
Plan
The best known standard for activities in the industry or
cross industry wide. Best practice is normally used as a norm
in the benchmarking analysis.
A plan of action to be followed when an OR event occurs that
threatens to disrupt or destroy the continuity of normal business
activities and which seeks to restore operational capabilities.
Disaster Recovery
A plan of action to recover from an unlikely event of a severe
business disruption
Exposure Indicator
A measure reflecting the → exposure of the individual
firm/business line (used for scaling or relevance adjustments).
Model
A simplified representation of reality for theoretical and
practical analysis.
OR Assessment
An assessment of the level of OR to which (a part of) a firm
is exposed to (part of → OR Management Process). This
assessment can be performed by external or internal experts.
− Self assessment
An → OR assessment conducted by the responsible staff in
the assessed (part/unit of a) firm.
. . .