AS ISO 31000:2018 pdf download.Risk management- Guidelines.
Integrating risk management relies on an understanding of organizational structures and context.Structures differ depending on the organization’s purpose, goals and complexity. Risk is managed in every part of the organization’s structure. Everyone in an organization has responsibility for managing risk. Governance guides the course of the organization, its external and internal relationships, and the rules, processes and practices needed to achieve its purpose. Management structures translate governance direction into the strategy and associated objectives required to achieve desired levels of sustainable performance and long-term viability. Determining risk management accountability and oversight roles within an organization are integral parts of the organization’s governance. Integrating risk management into an organization is a dynamic and iterative process, and should
be customized to the organization’s needs and culture. Risk management should be a part of, and not separate from, the organizational purpose, governance, leadership and commitment, strategy, objectives and operations. The risk management process should be an integral part of management and decision-making and integrated into the structure, operations and processes of the organization. It can be applied at strategic, operational, programme or project levels.
There can be many applications of the risk management process within an organization, customized to achieve objectives and to suit the external and internal context in which they are applied. The dynamic and variable nature of human behaviour and culture should be considered throughout the risk management process. Although the risk management process is often presented as sequential, in practice it is iterative.
6.2 Communication and consultation
The purpose of communication and consultation is to assist relevant stakeholders in understanding risk, the basis on which decisions are made and the reasons why particular actions are required. Communication seeks to promote awareness and understanding of risk, whereas consultation involves obtaining feedback and information to support decision-making. Close coordination between the two
should facilitate factual, timely, relevant, accurate and understandable exchange of information, taking into account the confidentiality and integrity of information as well as the privacy rights of individuals. Communication and consultation with appropriate external and internal stakeholders should take place within and throughout all steps of the risk management process.
Communication and consultation aims to: bring different areas of expertise together for each step of the risk management process; ensure that different views are appropriately considered when defining risk criteria and when evaluating risks;provide sufficient information to facilitate risk oversight and decision-making;
The purpose of risk analysis is to comprehend the nature of risk and its characteristics including, where appropriate, the level of risk. Risk analysis involves a detailed consideration of uncertainties, risk sources, consequences, likelihood, events, scenarios, controls and their effectiveness. An event can have multiple causes and consequences and can affect multiple objectives.
Risk analysis can be undertaken with varying degrees of detail and complexity, depending on the purpose of the analysis, the availability and reliability of information, and the resources available. Analysis techniques can be qualitative, quantitative or a combination of these, depending on the circumstances and intended use.
Risk analysis should consider factors such as:
— the likelihood of events and consequences;
— the nature and magnitude of consequences;
— complexity and connectivity;
— time-related factors and volatility;
— the effectiveness of existing controls;
— sensitivity and confidence levels.
The risk analysis may be influenced by any divergence of opinions, biases, perceptions of risk and judgements. Additional influences are the quality of the information used, the assumptions and exclusions made, any limitations of the techniques and how they are executed. These influences should be considered, documented and communicated to decision makers.
Highly uncertain events can be difficult to quantify. This can be an issue when analysing events with severe consequences. In such cases, using a combination of techniques generally provides greater in sight.AS ISO 31000 pdf download.
AS 31000:2018 pdf download
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