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Risk = effect of uncertainty on objectives - Coggle Diagram
Risk = effect of uncertainty on objectives
1. Principles of Risk Management
Creates and protects value
Integrated into organisational processes
Structured and comprehensive
Customised to the organisation
Inclusive (stakeholder involvement)
Dynamic and responsive to change
Based on best available information
Considers human and cultural factors
Continuous improvement
2. Risk Management Framework
Leadership and commitment
Integration into governance and strategy
Design of framework (context, roles, policies)
Implementation
Evaluation of effectiveness
Continuous improvement
3. Risk Management Process
Establish context
Risk identification
Risk analysis (likelihood & impact)
Risk evaluation
Risk treatment
Communication and consultation
Monitoring and review