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Dictionary by pitch.dog
Enterprise risk & controls · Working

Significant deficiency

Also called: significant control deficiency

ELI5

A control deficiency important enough to merit governance attention under the applicable framework.

Used in conversation

“The board will ask what happens if significant deficiency moves outside tolerance.”

Pitch context

You will see “Significant deficiency” in board papers, contracts, policies, risk registers and compliance reports when the discussion reaches enterprise risk & controls.

Why it matters: In enterprise risk & controls, a loose definition can change rights, obligations, approval, disclosure or enforceability.

Caution

Meaning, enforceability and required process vary by jurisdiction and agreement; this definition is not legal advice.

When the words have to travel

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Sources & evidence · 3

Direct term-level sources and supporting source families.