Business, Legal & Accounting Glossary
An action taken or a mechanism put in place to avoid a disaster. Fail-safe does not mean that something is unable to fail (the term used for this is fail-secure), but instead means that if something does fail, the device will do whatever possible to minimize the negative outcomes. Many forms of transportation will include fail-safe mechanisms, which in the event of a potentially problematic mechanical malfunction, will operate in a way that does everything possible to ensure the safety of the travelers.
Many people are uncomfortable keeping their money in banks. However, banking today has a better security protocol than in times past. The locks of the devices used to hold money usually have a FAIL-SAFE mechanism which assists in minimizing the risk of robbers getting to people’s money.
In the event of a crash of the stock exchange, the system is built with a fail-safe this mechanism uses technology to help limit any losses that would occur if the stock exchange system became unresponsive.
When the building inspectors were writing out their plan review of a new building in town, they noticed that there were no generators in case the power went out. The architects had to install the building with back up generators as a fail-safe plan to keep the building lit.
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This glossary post was last updated: 31st October, 2021 | 0 Views.