Risk Management Standards

Scope of RM Standards
1. ISO 31000
  1. IRM
    1. COSO ERM
      1. CoCo
2. Overall approach to RM
  1. + description of RM process and Framework
3. 3 approaches: "Risk Management" Internal Control" "risk-Aware culture"
Risk Management Framework
1. RASP
2. describes and defines context
  1. Supports RM process
  2. communication and flow of informaiton
COSO ERM frmaeowkr
1. RM and internal control
2. Multidirectional , interactive process
3. Geared to achieve corporate objectives- strategic, operations, reporting and compliance
ISO 31000 RM process
1. Establish context
2. Risk assessment
3. risk treatment
4. communication and consultation
5. monitoring and review
Alternative approach
1. CoCo- Criteria of control
  1. Risk culture most important consideration
    1. Purpose, vision & mission
      1. Commitment to integrity and ethical values
        Capability, authority and responsibilties
        Learning and development of competence

Resource summary

	Created by helen_woolford over 11 years ago