1.5 International risk management standards

Question 1

The purpose of international risk m_________ standards is to help organisations to evaluate and improve the effectiveness of their risk management by sharing good p_________ on a global scale.

Answer 1

management

practice

Question 2

Name three international risk management standards.

Answer 2

ISO 31000:2018
COSO enterprise risk management framework 2017
ISO19600:2014

Question 3

The ISO31000 standards provides a set of p________, a management f_______ and a process for e_________ of an organisation’s risk management arrangements.

Answer 3

principles
framework
evaluation

Question 4

The purpose of the ISO31000 standards is to help an orgnisation achieve its o_________ and create and p________ stakeholder v_____.

Answer 4

objectives
preserve
value

Question 5

In addition to its core IS031000 standards, ISO offers three additional documents for use by organisations in risk management. What are these?

Answer 5

ISO Guide 73 - Risk Management Vocabulary.
IEC 31010 - Risk Management Techniques
ISO/TR 31004 - Risk Management Guidance

Question 6

What does “COSO” stand for, and what is the name of the standards developed by that organisation?

Answer 6

Committee of Sponsoring Organisations of the Treadway Commission.

The COSO enterprise risk management framework 2004

Question 7

What is meant by enterprise risk management?

Answer 7

The process applied in strategy setting and across a business designed to identify potential events that may affect the entity and manage risk to be within its risk appetite to provide reasonable assurance of the achievement of objectives.

Question 8

ISO 196000: 2014 is the international standards for… what?

Answer 8

Compliance management systems

Question 9

The ISO19600 standard has been designed as general guidance and does not cover specific issues in relation to compliance. It looks broadly at:

• the role of the b____ and senior management in providing leadership for compliance management
• roles of other organisational functions including risk and c_________
• drafting a compliance management policy
• agreeing o__________ and plans
• communication and t_________
• the operation of compliance management s______
• dealing with non-compliance issues

Answer 9

board
compliance
objectives
training
systems