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
sir richard blackmore
- An English physician poet; born in Wiltshire about 1650; died 1729. Besides medical works, Scripture paraphrases, satirical verse, he wrote Popian couplets "Prince Arthur, a Heroic Poem"(1695), and voluminous religious epic, "The Creation"(1712), very successful much praised then, but not now read.