We’ve translated ISO 31000 risk
management definitions Communication
and consultation - Consequence
- Context - Control
- Event
|
Communication and consultationCommunication and consultation is a dialogue
between an organization and its stakeholders. This dialogue
is both continual and iterative. It is a two-way process |
ConsequenceA consequence is the outcome of an event and
has an effect on objectives. |
ContextTo establish the context means to define the
external and internal An organization’s external context includes
its external stakeholders, An organization’s internal context includes
its internal stakeholders, |
ControlA control is any measure or action that
modifies or regulates risk. Controls |
EventAn event could be one occurrence, several
occurrences, or even a nonoccurrence Events always have causes and usually have
consequences. Events without |
External contextAn organization’s external context includes
all of the external environmental |
Internal contextAn organization’s internal context includes
all of the internal environmental Governance includes the organization’s
structure, policies, objectives, roles, |
Level of riskThe level of risk is its magnitude. It is
estimated by considering and combining Common level of risk categories include the
following: extreme risk, high risk, moderate risk, and low
risk. Of course, you need to define each category so that |
LikelihoodLikelihood is the chance that something might
happen. Likelihood can |
MonitoringTo monitor means to supervise and to
continually check and critically observe. |
Residual riskResidual risk is the risk left over after
you’ve implemented a risk treatment |
ReviewA review is an activity. Review activities
are carried out in order to determine In general, ISO 31000 2018 expects you to review
your risk management |
RiskAccording to ISO 31000, risk is the “effect
of uncertainty on objectives” ISO 31000 recognizes that all of us operate in an
uncertain world. Whenever The traditional definition of risk combines
three elements: it starts with a While ISO 31000 defines risk in a new and
unusual way, the old and ISO provides a conceptual definition of risk while
the traditional |
Risk analysisRisk analysis is a process that is used to
understand the nature, sources, |
Risk assessmentRisk assessment is a process that is made up
of three separate Risk identification is a process that is used
to find, recognize, and Risk analysis is a process that is used to
understand the nature, Risk evaluation is a process that is used to
compare risk analysis |
Risk attitudeAn organization’s risk attitude defines its
general approach to risk. An |
Risk criteriaRisk criteria are terms of reference and are
used to evaluate the significance |
Risk evaluationRisk evaluation is a process that is used to
compare risk analysis results |
Risk identificationRisk identification is a process that
involves finding, recognizing, and describing |
Risk managementRisk management refers to a coordinated set of
activities and methods The term risk management also refers to the
programme that is used to |
Risk management frameworkAccording to ISO 31000, a risk management
framework is a set of components Foundations include your risk management
policy, objectives, mandate, and |
Risk management planAn organization’s risk management plan
describes how it intends to manage |
Risk management policyA policy statement defines a general
commitment, direction, or intention. |
Risk management processAccording to ISO 31000, a risk management process
systematically applies |
Risk ownerA risk owner is a person or entity that has
been given the authority |
Risk profileA risk profile is a written description of a
set of risks. A risk profile can |
Risk sourceA risk source has the intrinsic potential to
give rise to risk. A risk source |
Risk treatmentRisk treatment is a risk modification
process. It involves selecting and You have many treatment options. You can avoid the
risk, you can |
StakeholderA stakeholder is a person or an organization
that can affect or be affected |
Praxiom Research Group Limited help@praxiom.com 780-461-4514 |
|||
Updated on August 7, 2018. First published on August 7, 2018. |
|||
Legal Restrictions on the Use of this
Page
Copyright © 2018 by Praxiom Research Group Limited. All Rights Reserved. |