Risk Management Standards - ISO 31000

Question 1

How many ISO 31000 Risk Management Principles are there?

Answer 1

8

Question 2

What are the ISO 31000 Risk Management Principles?

Answer 2

1. Customised + Proportionate
2. Involvement of stakeholders
3. Structured and comprehensive
4. Risk as an integral part of all organisational activities
5. Anticipates, detects, acknowledges and responds to change.
6. Acknowledge limitations of information
7. Human and cultural factors have influence.
8. Continuous improvement through learning and experience.

Question 3

What are the key components of the ISO 31000 Risk Management Standard?

Answer 3

1. Define scope, context and criteria
2. Risk Assessment - risk identification, risk analysis, risk evaluation.

Risk Assessment inputs - communication & consultation and monitoring and review.

3. Risk Treatment

Risk treatment inputs - recording and reporting

Question 4

Describe the ISO 31000 Risk Management Framework.

Answer 4

Leadership and Commitment are at the centre.

Design, Implementation, Evaluation, Improvement, Integration

Question 5

What is the risk context?

Answer 5

RASP - Risk Architecture, Strategy and Protocols