Questions 

1. Explain the purpose of risk management standards. Include an example of a risk management standard in your answer

Risk identification and management to companies to identify risk and control measures help in ensuring the profitable and effective purpose of risk management standard is to provide a framework that can assist companies to implement risk management systems systematically and effectively.
EL, The AS/NZS ISO 31000: 2009 that provides It is the most set of risk management standards and it is a set of principles and general guidelines that can be considered when developing risk management programs and frameworks.

2. Explain the AS/NZS ISO 31000: 2009 Risk Management Principles and Guidelines and each of I the 11 principles. It provides general guidelines

• Creates and protects value Effective risk management ensures that an organization can achieve its objectives.
• An integral part of the organizational process

The risk management process needs to be an integral part of the overall organization’s process to ensure that risks are identified and controlled.

3. Part of decision making Where risk is a part of the decision making this ensures that decisions are made in the context of full knowledge of risks.

4. Exclusively addressing uncertainty 10A(M(aig_rWs means that an organization understands what potential risks there are and can act accordingly.

5. Systematic Structured and Timely.

It is important for the risk management process to be systematic, structured, and timely for the smooth functioning of the system.

6. Based on the best available information Using tat,q, date, and accurate information is important to ensure that risks are accurately identified.

7. Tailored or easily adjustable The risk management process needs to be especially focused on the internal factors within an, As well as external factors an organization.

8. Takes human and cultural factors into account It is important that risk management takes human and cultural factors into account to ensure that all possible risks are identified.

9. Transparent and inclusive The risk management process should include consultation with all stakeholders and regular communication about risk should occur.

10. Dynamic and responsive to change The process needs to be flexible and potential risks may need to be reconsidered over time.