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ISO 31000 (Enterprise Risk Management (Implementing and Benchmarking (Risk…
ISO 31000
Enterprise Risk Management
Planning and designing
Mandate and commitment of the Board is necessary for the implementation of the annually updated risk management policy
The ERM should be comprehensive and should contain a specific scope
Implementing and Benchmarking
Risk assessment procedures should be attached to the strategy of all projects
Benchmarks should be created for every identified risk
Risk appetite refers to the amount of risk an organisation is willing to take
Measuring and monitoring
Risk registers should include current controls and be constantly updated and adjusted
Monitoring is done to evaluate the preparedness of the organisation and controls are improved through the evaluation
Learning and reporting
Learning from experience is essential risk performance and management
Organisations have to externally report risks due to mandatory requirements
Risk, Risk Management
Nature and impact of risk
What is a risk? - Effect of uncertainty on objectives
Records of risks using a risk register
Risk classification system to prioritize and categorize risks
Principles of risk management
Management of risks should be continuous and there is an upside to safety
risk management
Responsibilities regarding risk should be delegated throughout the organisation to create a risk aware culture
The risk management process consists of the 7R's and 4T's of hazards
Achieving ERM benefits
Risk assessments lead to risk profiles which prioritizes risk treatment
Feedback mechanisms include reviews and consultations