- Perceived Deficiencies with ISO 31000 Risk management policies, roles and responsibilities. I ffi i t d t il f i k hit t t t t lInsufficient detail of risk architecture, strategy, protocols Risk management principles. Confusion between what risk management is and what itConfusion between what risk management is and what it delivers.
- Nov 18, 2015 ISO 31000 1. ISO 31000 Yeganeh Majidi Oct. What is “risk”?? Risk is present in everything we do. ISO 31000, the international standard on risk management, defines it this way: Risk = the affect of uncertainty on your objectives. Risk can be a threat or an opportunity Anything that could harm, prevent, delay or enhance your ability to achieve your objectives = risk.
Risk:the effectofuncertaintyonanorganization’sabilitytomeet itsobjectives. Makesthe roleof objectivesexplicit: an activityis only undertaken to reach some goal. Objectives can be financial, health and safety, environmental goals. They can apply at a strategic level, or per project, per product, per site.
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Embeds 0The principles govern risk management in an organisation. The framework integrates risk management throughout the entire organisation and ensures that information about risks is transparently available to all who need it for decision making. The risk management process shows how risks are managed for a particular scope. Mandate and commitment This component of the framework is about: gaining the commitment of management to the risk management framework; resourcing the effort; and assigning accountability and responsibility. Design of framework for managing risk Understanding the organisation and its context: understand the internal and external context of the organisation including: regulatory, economic, technology, market factors; organisational structure; strategies and policies; culture etc. Establishing risk management policy: state the objectives for risk management at the organisation including links to objectives and policies; how performance will be measured and reported; reviewing and improving the risk management framework. Accountability: identifying risk owners; identifying who is accountable for the framework. Integration into organisational processes: organisation wide plan to incorporate risk management in all processes. Resources: allocation of appropriate resources to risk management. Establishing internal communication and reporting mechanisms: establish internal reporting and communication mechanisms to support transparent management of risks including: communicating the framework; internal reporting on framework performance; consultation processes for internal stakeholders. Establishing external communication and reporting mechanisms: develop a plan as to how ti will communicate with external stakeholders including: engaging with external stakeholders; reporting to meet regulatory compliance; building confidence in the organisation and its approach to risk. Implementing Risk Management Implementing the framework for managing risk: implementation of the framework involves planning, training, communication and consultation. Implementing the risk management process: ensure that the risk management process is rolled out to all relevant parts of the organisation. Monitoring and review of the framework Risk management performance should be measured and reported, the framework should be periodically evaluated for appropriateness and effectiveness. Continual improvement of the framework Making decisions as to how to improve the framework based on the results of monitoring and evaluation. Communication and consultation Communication and consultation with all stakeholders (internal and external) should be ongoing throughout the risk management process. Communication plans should be developed early on in the process in order to ensure that all stakeholders understand what risks have been identified, the reasons for decisions made and why actions must be undertaken. Establishing the context This phase is aimed at understanding internal and external environment that the risk management activity takes place in. It involves understanding the objectives that the risk management process is supposed to address, and the internal and external factors that must be taken into account in the other phases. It involves understanding the internal and external context of the organisation, the context that the risk management process itself is operating in and the criteria that should be sued to evaluate risk. Risk assessment Risk assessment is the process of risk identification, analysis and evaluation. Risk identification: This is the process of identifying risks. The aim is to be comprehensive including as many risks as practical detailing their causes and potential consequences. Risk analysis: develop an understanding of the risks. Categorise it for evaluation and treatment including: likelihood, consequences, causes and sources. Risk evaluation: Decide which risks need treatment and their priority for treatment. Compare the level of risk found during the analysis phase against the risk criteria to determine to arrive at the need for (and level of) treatment. Risk treatment Risk treatment involves deciding which option to use to mitigate particular risks, and then the actual attempt to put that option into practice. Once a plan of action has been decided and started, risk treatment includes assessing whether the treatment is successful, assessing the amount of residual risk that remains, deciding whether that level of residual risk is acceptable, and if it isn’t bringing other treatment options into play. Monitoring and review Monitoring and review should be a continual part of the overall risk management process. Progress against plans should be monitored and courses of action should be reviewed for effectiveness and adjusted if they are not effective. Views
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Iso 31000 Risk Management Ppt Slideshare
Iso 31000 Erm Framework Powerpoint
Iso 31000 Risk Management Process PptRisk is defined very broadly.
Here is one example of the affect of uncertainty on an objective:
Imagine that a community college wants developed new curriculum for an emerging business operation (such as stem cell research or within a culinary arts program, a program that trains butchers). That is the objective. What uncertainties might affect the objective?
Will there be enough students to justify the new program? If so, the college risks paying for the expenses and salaries for teachers and staff without enough income to justify offering courses.
Conversely, is there a risk that the college may lose students and tuition dollars if it doesn’t offer the new curriculum? Would students leave to take the class somewhere else? That’s uncertain.
If it is uncertain whether qualified staff and facilities are available, then there is a risk that the college might not be able to create a high-quality program.
If the college is the first in the area to offer this new curriculum, and it draws new students to campus, this could improve the college’s financial stability and reputation as a forward thinking institution. The new curriculum could support business and economic opportunity, which could translate to partnerships, scholarships and internships with local businesses.
If we talk through the uncertainties and risks, we will position ourselves to make the best decision possible. The goal of ERM is to support decision-making and then manage both threats and opportunities.
We need a process to understand the risks associated with our goals and objectives. We need a process that is broad enough to consider the opportunities that are present – when we take a risk – and the potential harm, or threat, as well.
Physical environment: Geological and climatic risk
Economic Environment: Influenced by political, social and legal environment,
Social Environment: Consumer’s changing tastes and preferences
Political Environment: Political decisions
Legal Environment: Establishes rights and duties that create risk
Operational Environment: The manner in which organisation goes abot its work
Cognitive Environment: The environment of the mind; a manager’s decisions might be influenced by the absence of information, attitude towards risk, misinformation, or mental limitations, which can give rise to uncertainty
Physical asset exposure: motor vehicle, buildings, inventories, brand equity, revenue, and expense flows
Financial assets exposure: money; investment instruments, debt obligations
Human asset exposure: employees, mangers, board members and stakeholders
Legal liability exposures: directors and managers liability, employment discrimination, product liability
Contracts, obligations, agreements, commitments
Basically all activities of an organisation involve risk
The degree of risk control has significant impact on performance
Moving from little or no control – exposed to risk and destroys performance
Taking a balanced approach to the management and control of risk benefits performance as indicated at the top end of this curve
Obsessive control stifles risk taking and initiative and restricts performance
Our aim should therefore be to take a balanced approach
We have individual perspective of risk, based on our perception
Think we are all pretty convinced now that risks exist both on a personal and business level.
Risk effect on performance:
That ignorance of risk could destroy performance
Obsessive or over control could constrain performance
Proper management can enhance performance; hence RM
International Organisation for Standard (ISO)
Institute of Risk Management (IRM)
The RM Standard put out by the IRM & AIRMIC ( association of insurance and risk managers) and the National Forum for Risk Management in he Public Sector in the UK: Have all adopted the ISO terminology for risk….
Contained in ISO 31,0000
The international standard can be applied throughout the life of an organisation, and to a wide range of activities, including strategies and decisions, operations, processes, functions, projects, services and assets.
RM refers to the architecture (principles, framework and process) for managing risk effectively.
Managing Risk refers to applying that architecture to particular risks.
In addition analysis involves consideration of the causes and the source of risks – drivers
Existing controls – that could mitigate the effects
Some risks can be evaluated in numerical terms e.g. financial risks. Others such as adverse publicity can only be evaluated in subjective ways.
It is also vital to understand the proximity of the risk – i.e. risk are time based, not constant. Severity of impact depends on when they occur…earth quake…day or night.
A framework for categorising risks, as (say) very high, high, medium, low, very low, should be developed
Risk control: Any process, policy, device, or other action which modify risk
Residual risk: Risk remaining after treatment
Monitoring: Continual checking, supervising, critically observing or determining the status in order to identify change from the performance level required or expected
ISO is a non-governmental organization that forms a bridge between the public and private sectors. On the one hand, many of its member institutes are part of the governmental structure of their countries, or are mandated by their government. On the other hand, other members have their roots uniquely in the private sector, having been set up by national partnerships of industry associations.
Therefore, ISO enables a consensus to be reached on solutions that meet both the requirements of business and the broader needs of society.
Because &quot;International Organization for Standardization&quot; would have different acronyms in different languages (&quot;IOS&quot; in English, &quot;OIN&quot; in French for Organisation internationale de normalisation), its founders decided to give it also a short, all-purpose name. They chose &quot;ISO&quot;, derived from the Greek isos, meaning &quot;equal&quot;. Whatever the country, whatever the language, the short form of the organization&apos;s name is always ISO.
The ISO Standard has three interdependent components.
We understand why we’re doing this by understanding the principles. This helps us understand its importance. (The principles are all listed on the next slide.)
The framework tells us how we’re going to do this, who is going to be part of the process, how much it will cost, how long it will take and the structure for how we will accomplish the assessment and management of risk. We build this on a process of continual improvement, so that we will learn and adapt as we go – to assure that we make this a successful process.
The risk management process can apply to individual risks, projects, a specific opportunity or a portfolio of risks (such as HR risks or IT risks). The same process is followed each time and documented to build consistency in an organization’s approach to managing risk. Thorough discussion of the context before each risk assessment is a critical component because internal and external circumstances are constantly changing.
Here are the details of the three components – directly from the standard itself.
There are 11 key principles. If we do not adhere to these principles, then we are not creating value for the organization. The management of risk is not an activity unto itself; it serves the purpose of supporting business and operational objectives.
The framework determines tone, communication and the overall process for implementing risk management in an organization. It includes things like risk management policy, determination of a “common language of risk,” making plans for training and communication and data management. The framework is set up in a continual improvement model.
The RM process will be familiar to many. It is the process we use to identify, analyze and manage (or treat) risks. The critical activities of monitoring and communicating should occur throughout the process.
These are the activities that should be addressed by a risk advisory council and approved by senior leaders (and possibly governing boards).