Module 1 - Unit 2: The ISO 31000 standard Flashcards Preview

International Certificate In Risk Management (IRM) - Updated 2020 > Module 1 - Unit 2: The ISO 31000 standard > Flashcards

Flashcards in Module 1 - Unit 2: The ISO 31000 standard Deck (6)
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1
Q

List the 5 clauses of the ISO 31000 standard

A

The five clauses of the ISO 31000 standard are:

  1. Scope
  2. Definition of terms
  3. The Principles
  4. Framework for Implementation
  5. Process
2
Q

Describe the “Scope” clause of the ISO 31000 standard.

A

The standard is generic and is not specific to a specific industry or organisation.

3
Q

Name five of the ISO 31000 risk management “Principles” (Clause 3)

A

ISO 31000 Clause 3 - Principles

  1. Create & protect value e.g. achieve objectives
  2. Integrated into orgs. processes
  3. Used in decision making
  4. Addresses uncertainty
  5. Systematic, structured & timely
  6. Based on best available information
  7. Tailored to context, size and complexity
  8. Considers human & cultural factors
  9. Transparency
  10. Dynamic & iterative
  11. Facilitates continual improvement
4
Q

Describe Clause 4 of the ISO 31000 standard, “Framework for Implementation”

A

ISO 31000 Clause 4 - Framework for Implementation

  1. Mandate & commitment by the Board
  2. Design of framework
  3. Implement risk management
  4. Monitor and review framework
  5. Improve framework
5
Q

Describe the five stages of the ISO 31000 risk management “Process” (Clause 5)

A

The five stages of ISO 31000 Clause 5 - Process are

  1. Establish context
  2. Risk Identification
  3. Risk Analysis
  4. Risk Evaluation
  5. Risk Treatment
6
Q

What two features run throughout the five stages of the ISO 31000 “Process” (Clause 5)

A

Two features that run through the five stages of the ISO 31000 “Process” (clause 5) are:

  1. Communication/consultation
  2. Monitoring & Review