ISO31000 Principles

Question 1

Name the Principal:
1. Framework and processes should be customized and proportionate

Answer 1

Customised

Question 2

Name the Principal:
2. Appropriate and timely involvement of stakeholders is necessary.

Answer 2

Inclusive

Question 3

Name the Principal:
3. Structured and comprehensive approach is required

Answer 3

Structured and Comprehensive)

Question 4

Name the Principal:
4. Risk management is an integral part of all organisational activities

Answer 4

Integrated

Question 5

Name the Principal:
5. Risk management anticipates, detects, acknowledges and responds to changes

Answer 5

Dynamic

Question 6

Name the Principal:
6. Risk management explicitly considers any limitations of available information.

Answer 6

Best available Info

Question 7

Name the Principal:
7. Human and cultural factors influence all aspects of risk management.

Answer 7

Human and cultural factors

Question 8

Name the Principal:
8. Risk management is continually improved through learning and experience

Answer 8

Continuous Improvement

Question 9

What do the principles of RM focus on:

Answer 9

Delivering value to the organisation by applying practices designed to achieve the best possible outcome reducing volatility (unpredictability) or uncertainty