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RISK TOPIC 3 FRAMEWORK/PROCESS (RM process (defining the risk mngmt policy…
RISK TOPIC 3 FRAMEWORK/PROCESS
RM process
defining the risk mngmt policy n plan
the identification n asessment of riskks
decision on n reduction of risk
monitoring, communication n acceptance
risk asessment
overall process of risk analysis
determination of quantitative/qualitative value of risk
recognized threat
consist of an objective evaluation of risk in which assumption n uncertainty are celarly considered and presented
risk identification
select risk identification technique that will reveal sources of risk, potential events, cause n consequences
use info from many sources
describe risks in appropriate way
risk analysis
describe a range of analytical techniques and the type of risk analysis to which each is suited
recognize n evaluate existing control
select a method of combine consequence n likelihood that is appropriate to the purpose of the risk assessment n available information
risk evaluation
determine the acceptability of risks
apply the risk mngmt policy to find the acceptable n unacceptable risk
risk treatment
devise risk treatment implement plans
implement risk treatment
assess new risks arising as a consequences of the risk treatment
risk can be
accept/tolerate
share/transfer
terminate/avoid
manage/mitigate/treat
monitoring n review
identify appropriate aspect of each stage of the risk management process that warrant monitoring n devise appropriate method for doing so
integrate monitoring n review processes into the organization assurance programme