Courtesy: ISO 31000 risk management internal auditor training ISO 31000: the new International Risk Management Standard ISO 31000 is an International Standard for Risk Management which was published on 13 November 2009. An accompanying standard, ISO 31010 – Risk Assessment Techniques, soon followed publication (December 1, 2009) together with the updated Risk Management vocabulary ISO Guide […]
Tag Archives: ENERGY MANAGEMENT
Courtesy: ISO 31000 Risk management internal auditor training ERM frameworks defined There are various important ERM frameworks, each of which describes an approach for identifying, analyzing, responding to, and monitoring risks and opportunities, within the internal and external environment facing the enterprise. Management selects a risk response strategy for specific risks identified and analyzed, which may include: […]
Courtesy: ISO 31000 Risk management internal auditor training The chosen method of identifying risks may depend on culture, industry practice and compliance. The identification methods are formed by templates or the development of templates for identifying source, problem or event. Common risk identification methods are: Objectives-based risk identification – Organizations and project teams have objectives. Any […]
Courtesy: ISO 31000 Risk management internal auditor training Principles The International Organization for Standardization (ISO) identifies the following principles of risk management: Risk management should: Create value – resources expended to mitigate risk should be less than the consequence of inaction Be an integral part of organizational processes Be part of decision-making process Explicitly address uncertainty and assumptions Be […]
Courtesy: ISO 31000 Risk Management internal auditor training Opportunity cost represents a unique challenge for risk managers. It can be difficult to determine when to put resources toward risk management and when to use those resources elsewhere. Again, ideal risk management minimizes spending (or manpower or other resources) and also minimizes the negative effects of […]
Courtesy: ISO 31000 Risk management Strategies to manage threats (uncertainties with negative consequences) typically include avoiding the threat, reducing the negative effect or probability of the threat, transferring all or part of the threat to another party, and even retaining some or all of the potential or actual consequences of a particular threat. The opposite […]
Courtesy: ISO 31000 Risk management One of the key paradigm shifts proposed in ISO 31000 is a controversial change in how risk is conceptualised and defined. Under both ISO 31000:2009 and ISO Guide 73, the definition of “risk” is no longer “chance or probability of loss”, but “effect of uncertainty on objectives” … thus causing […]
Courtesy: ISO 31000 Risk management ISO 31000:2018 provides a set of principles, guidelines for the design, implementation of a risk management framework and recommendations for the application of a risk management process. The risk management process as described in ISO 31000 can be applied to any activity, including decision-making at all levels . The difference between […]
Courtesy: ISO 31000 Risk management ISO 31000 is a family of standards relating to risk management codified by the International Organization for Standardization. ISO 31000:2018 provides principles and generic guidelines on managing risks faced by organizations. ISO 31000 seeks to provide a universally recognized paradigm for practitioners and companies employing risk management processes to replace the myriad of existing […]
Courtesy: ISO 30400:2016 Human resource management At the macro-level, HR is in charge of overseeing organizational leadership and culture. HR also ensures compliance with employment and labor laws, which differ by geography, and often oversees health, safety, and security. Based on the geographic location, various laws may apply. In federal jurisdictions, there may be several federal laws that are […]