Terminology Dictionary

Folio has certain Terminology terms that can be changed to match your organisations preferences. For instructions on how to change the terminology click here.

While Terminology can be changed, please always consider that Folio's Help articles will refer to the original term.

The following is a list of the terms that can be changed, and their definitions.

General

Term	Definition
action	An action in Folio is a request for something to be done or performed that is assigned to a user in your instance. For more information on Actions
admin	This terminology applies specifically to the Entity Contact person/s who are managing credentials for an Entity (Organisation)
business unit	Business Units in Folio reflect your Organisation Structure and are a hierarchy. There is one term that is used across all levels. Alternative terminology includes Organisational Unit or Department.
location	Your organisation's locations. Could be an office location or the location where services are to be delivered.
note	In Folio you can add Notes to Folios (Contracts, Risks etc), Entities, Actions or Checklists. For more information on Notes
program	Your organisation's Programs. The main use of this term is in relation to setting up Deliverables/KPIs. Alternative terms can be used if this hierarchy field is used for other purposes - for example it has been renamed projects for a project development company. For more information on Programs
renewal date	The Date that a Credential will become overdue and need replacing.
service provider	This refers to Entity Contact person/s who are delivering the service, for example, if the contract is with an Allied Health Organisation, the occupational therapist or physiotherapist will be the service providers.  Another term used (depending on the nature of the organisation) is contractors.

Folio

Term	Definition
contact	These are the main contacts for your Entities (counterparties to your contracts - see below.)
credential	Credentials are typically insurances, licences or qualifications held at either an entity level or contact level. A typical example would be Professional Indemnity Insurance of a certain value for the Entity or particular qualifications/certifications for the Service Provider. For more information on Credentials
entity	Entities are the various Counterparties to your contracts - for example in health they may be service providers, government bodies for funding contracts or partners. In other organisations, they are typically suppliers (for supplier contracts) or customers. For more information on Entities and Contacts
folio	Folios are the records in your instance. Examples of Folios include Supplier contracts, risks, incidents, conflicts of interest, leases, etc. For more information on Folios

Risk

Term	Definition
consequence	Consequence is the one dimension of the risk assessment matrix. Alternative terminology that is commonly used is "impact".
control rating	A rating for the controls on a particular risk. Alternative terminology that can be used is control effectiveness.
definition	Definition is one of two field/s that can be associated with a Risk Classification. It allows for a definition of the entire Risk Classification and will only be visible when data is entered into this field.
impact	Impact is one of two field/s that can be associated with a Risk Classification. It allows for an impact to be defined for the entire Risk Classification and will only be visible when data is entered into this field.
inherent risk	The risk rating before controls are applied, otherwise known as "Risk before Controls".
likelihood	Likelihood is the second dimension of the risk assessment matrix. Alternative terminology that is commonly used is "probability".
residual risk	The risk rating after controls are applied, otherwise known as "Risk after Controls"
risk	A risk to your organisation. According to ISO 31000 Risk Management Standard it is the “effect of uncertainty on objectives” and an effect is a positive or negative deviation from what is expected.
target risk	The maximum amount of risk that is acceptable to the organisation. Alternate terminology is risk tolerance, risk appetite or acceptable risk level.

Checklist

Term	Definition
checklist	Checklists are forms or reports made up of questions that are assigned to users in your instance to be completed. Examples of Checklists include Due Diligence Checklists, Modern Slavery Checklists, Service Provider Reports, Workplace Inspections, etc.
comment	Questions on a checklist can have comments added to them to further explain or elaborate on an answer.
evidence	Questions on a checklist can have evidence attached to them to further explain or elaborate on an answer.
question	Checklists are made up of questions that the Person Responsible for the checklist must give responses to.

Deliverable

Term	Definition
deliverable	Deliverables are set up on checklists and used to track and monitor both quantitative and qualitative key deliverables against service providers in your organisation. For more information on Deliverables
performance comment	Deliverable questions are able to force the user to give a comment if the response falls too far outside of the target.

Document

Term	Definition
document	Reference documents that have been uploaded to your Folio instance and will include policies and procedures, manuals, guides and templates. This does not refer to the documents uploaded against individual records.
document category	Category for your reference documents.
key	When a reference document is uploaded it is given a unique key based on the category.

User

Term	Definition
job title	The user's position in your organisation.
name	The user's name