4.3 A detailed look at ISO31000:2018 Flashcards
In what year was ISO 31000 first published?
2009
The objective of ISO31000 is to provide a set of i___________ recognised principles and guidance on the practice of risk management in organisations. These principles and guidance may be used to help improve the d______ and implementation of a risk management framework.
internationally
design
Why does ISO 31000 not suggest a uniform approach to risk management?
It recognizes that organizations must design and implement a framework appropriate to the nature, scale and complexity of the organization,
ISO31000 covers:
- d________ of key terms
- importance of managing the opportunities and threats from r_____-
- basic p_________ of risk management
- design, implementation and r________ of a risk management framework
- key components of an effective risk management process
definitions
risks
principles
review
What are the three central topics of the 2018 ISO31000 standard?
1 Principles for risk management
2 Core elements of an effective risk management framework
3 The risk management process
The core principle of the 2018 ISO31000 standard is that risk management activity should protect…. what?
Value
In terms of the risk management process, ISO31000 covers three elements:
1 Establishing the c________
2 Risk a_____________
3 Risk t___________
context
assessment
treatment
What is meant by “context” in risk management?
Understanding the internal and external drivers affecting risk exposure, and understanding the types of risk that exist.
What is meant by risk assessment?
Identifying, analysing and evaluation exposure to all sources of risk to an organisation’s objectives.
“Risk treatment” is another term for what, meaning ensuring the level of risk exposure in managed?
Risk control
The level of risk control within an organisation is influenced by its r_____ a__________
risk appetite
What is meant by “recording risks”?
Ensuring that identified risks are documented properly.
What is meant by “risk reporting”?
Ensuring that organisation’s risk exposures and measures taken to control exposure are reported to decision makers and stakeholders.
“Monitoring and review” of risk is about l______, i__________ and a________.
Learning, improving and adapting
