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73040
Approaches to defining risk
Description
A-Levels 1. Introduction to Risk Management Mind Map on Approaches to defining risk, created by helen_woolford on 06/05/2013.
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1. introduction to risk management
1. introduction to risk management
a-levels
Mind Map by
helen_woolford
, updated more than 1 year ago
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Created by
helen_woolford
over 11 years ago
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Resource summary
Approaches to defining risk
Definition of risk
ISO Guide 73 ISO 31000
Institute of Risk Management (IRM)
Types of Risk
Hazard (pure)
Control (uncertainty)
Opportunity (Speculative)
Embrace
Manage
Mitigate
Risk Description
A detailed description is necessary so that a common understanding of the risk can be identified and ownership/responsibility can be clearly understood
Inherent level of risk
The Institute of Internal auditors
identify controls
Risk Assessment
Risk Classification System
Source of risk
Component impacted
Consequence of risk occuring
Risk likelihood & Magnitude
Risk matrix
nature of risk
control mechanisms
inherent, current and target level
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