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ISO 31000 - Coggle Diagram
ISO 31000
A risk management policy should include the following sections:
Risk management and internal control objectives (governance)
Statement of the attitude of the organisation to risk (risk strategy)
Description of the risk aware culture or control environment
Level and nature of risk that is acceptable (risk appetite)
Risk management organisation and arrangements (risk architecture)
Details of procedures for risk recognition and ranking (risk assessment)
List of documentation for analysing and reporting risk (risk protocols)
Risk mitigation requirements and control mechanisms (risk response)
Allocation of risk management roles and responsibilities
Risk management training topics and priorities
Criteria for monitoring and benchmarking of risks
Allocation of appropriate resources to risk management
Risk activities and risk priorities for the coming year
Nature and Impact of risks:
Risks can impact an organisation in the short,
medium and long term.
Risk assessment involves the identification of risks
followed by their evaluation or ranking
The definition set out in ISO Guide
73 is that risk is the “effect of uncertainty on
objectives”.
Principles of Risk Management
Have a Risk awareness culture.
And ensure that there is a plan to have a risk process.
Is a framework for managing risk.
Risk Assessment, Risk treatment processes and Feedback mechanisms are crucial for helping mitigate and reap the benefits of taking risks.