Risk Management Standards - IRM

Question 1

What is a risk management standard?

Answer 1

Risk Management Standard = Risk Management Framework + Risk Management Process

Question 2

How many levels are there to the IRM risk management standard?

Answer 2

7

Question 3

What are the IRM risk management process levels?

Answer 3

1. The organisation’s strategic objectives.
2. Risk Assessment - analysis & evaluation
3. Risk reporting
4. Decision
5. Risk treatment
6. Residual risk reporting
7. Monitoring

Question 4

Under the IRM risk management standard, what does risk assessment consist of?

Answer 4

Risk analysis - identification, description and risk estimation.

Risk Evaluation

Question 5

Under the IRM risk management standard, what should be reported under risk reporting?

Answer 5

Threats and opportunities