Please enable JavaScript.
Coggle requires JavaScript to display documents.
SUMMARIES OF RISK FRAMEWORKS - Coggle Diagram
SUMMARIES OF RISK FRAMEWORKS
ISO 31 000
Risk, risk management and ISO 31000
Principles of risk management
Risk aware culture
Includes mandate, leadership and commitment from the Board
Risk management process
The 7Rs and 4Ts of (hazard) risk
management
Risk management
continuous
process
Review of ISO 31000
Implement risk management
Monitor and review framework
Design of framework
Improve framework
Nature and impact of risk
Recording risk assessments
Record info such as the name, scope and nature of the risk
Risk classification systems
Group similar risks
Definition of risk
The effect of uncertainty on
objectives
Achieving the benefits of ERM
Determine risk treatment
Create feedback mechanisms
Conduct risk assessment
Enterprise risk management
Implementing and benchmarking
Undertake risk assessments
Determine risk appetite and tolerances
Establish risk assessment procedures
Measuring and monitoring
Evaluate existing controls
Embed risk aware culture
Planning and designing
Risk management policy should include:
Risk strategy
Risk protocols
Governance
etc.
Learning and reporting
Monitor risk performance
Report risk performance
COSO ERM
Enterprise risk management encompasses:
Reducing operational surprises and losses
Identifying and managing multiple and cross-enterprise risks
Enhancing risk response decisions
Seizing opportunities
Aligning risk appetite and strategy
Improving deployment of capital
Achievement of objectives through:
Effective resource use in operations
Reliable reporting
Setting strategic goals
Appropriate compliance
Enterprise Risk Management Definition
Applied across the enterprise
Identifies potential events
Applied in strategy setting
Provides reasonable assurance
Effected by people
Aims to achieve objectives
A process
Components of Enterprise Risk Management
Risk Assessment
Risk Response
Event Identification
Control Activities
Objective Setting
Information and Communication
Internal Environment
Monitoring