AUTHORIZATION RISK
\ˌɔːθəɹa͡ɪzˈe͡ɪʃən ɹˈɪsk], \ˌɔːθəɹaɪzˈeɪʃən ɹˈɪsk], \ˌɔː_θ_ə_ɹ_aɪ_z_ˈeɪ_ʃ_ə_n ɹ_ˈɪ_s_k]\
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The RISK of loss that occurs when an employee or AGENT of a company commits the firm to a legally binding, but unauthorized, transaction; in most instances the firm will be required to perform as contracted. A subcategory of PROCESS RISK.
By Henry Campbell Black
Word of the day
Mustagh Range
- a mountain range in northern Kashmir; an extension of the Hindu Kush; contains 2nd highest peak