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RM 1-4
| Question | Answer |
|---|---|
| ISO Guide 73 BS31100 def of Risk Management | Co-ordinated activities to direct and control an organization with regard to risk |
| Institute of Risk Management def of RM | Process which aims to help organizations understand, evaluate and take action on all their risks with a view to increasing the probability of success and reducing the likelihood of failure |
| HM Treasury def of RM | All the processes involved in identifying, assessing and judging risks, assigning ownership, taking actions to mitigate or anticipate them, and monitoring and reviewing progress |
| London School of Economics def of RM | Selection of those risks a business should take and those which should be avoided or mitigated, followed by action to avoid or reduce risk |
| Author's def of RM | The set of activities within an organization undertaken to deliver the most favorable outcome and reduce the volatility or variability of that outcome |
| 8 Rs and 4 Ts of Hazard Risk Management | Recognition, Rating, Ranking, Responding (Tolerate, treat, transfer, terminate), Resourcing, Reaction, Reporting, Reviewing |
| Recognition | Recognition or identification of risks and identification of the nature of the risk and the circumstances in which it could materialize |
| Rating | Rating or evaluation of risks in terms of magnitude and likelihood to produce the 'risk profile' that is recorded in a risk register |
| Ranking | Ranking or Analyzing the current or residual level of risk against the established risk criteria or risk appetite |
| Responding | Responding to significant risks, including decisions on the appropriate action regarding the following options: Tolerate; Treat; Transfer; Terminate |
| Resourcing | Resourcing controls to ensure that adequate arrangements are made to introduce and sustain necessary control activities |
| Reaction | Reaction planning and/or event management. For hazard risks, this will include disaster recovery or business continuity planning |
| Reporting | Reporting and monitoring of risk performance, actions and events and communicating on real issues, via the risk architecture of the organization |
| Reviewing | Reviewing the risk management system, including internal audit procedures and arrangements for the review and updating of the risk architecture, strategy and protocols. |
| 8 Rs and 4 Ts detail | Recognition of risks; Rating of risks; Ranking against risk criteria; responding to significant risks; resourcing controls; reaction (and event) planning; reporting of risk performance; reviewing the risk management system |
| Energy Sector RM Primary Concern | Primarily concerned with future price of energy and exploration risk |
| IT RM standards (best est.) | COBIT |
| Distinguishing feature of ERM | Integrated/holistic approach. Unifying philosophy, drawing together management of all types of risk |
| RIMS def of ERM | A strategic business discipline that supports the achievement of an organization's objectives by addressing the full spectrum of its risks and managing the combined impact of those risks as an interrelated risk portfolio. |
| Risk Management sophistication | Reform, conform, perform, Deform |
| Awareness of non-compliance | Reform |
| Actions to ensure compliance | Conform |
| Achieve business opportunities | Perform |
| Inactivity caused by obsession | Deform |
Created by:
mkari02
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