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RM 1-4

QuestionAnswer
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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