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RISK FRAMEWORKS - Coggle Diagram
RISK FRAMEWORKS
ISO 31000
ISO 31000 describes a framework for implementing risk management, rather than a framework for supporting the risk management.
ISO 31000 recognises the importance of feedback by monitoring and reviewing of performance and communication and consultation
ISO 31000 seeks to help organizations take a methodical approach to risk management by doing three key things: identify risks; evaluate the probability of an event tied to an identified risk occurring; and. determine the severity of the problems caused by the event occurring.
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(COSO)
Focuses directly on achievement of objectives established by a particular entity and provides a basis for defining enterprise risk management effectiveness
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Components of ERM
Internal environment
Objective Setting
Event Identificaton
Risk assessment
Risk response
Control Activites
Information and communication
Monitoring
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King IV
Objectives of king iv
Promote corporate governance as integral to running an organisation and delivering governance outcomes.
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Reinforce corporate governance as a holistic and interrelated set of arrangements to be understood .
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King IV is principle- and outcomes-based rather than rules-based. Corporate governance should be concerned with ethical leadership, attitude, mindset and behaviour.