Structured Approach 2010 (†492)A Structured Approach to Enterprise Risk Management (ERM) and the Requirements of ISO 3100 (Association of Insurance and Risk Managers, Public Risk Management Association, and Institute of Risk Managemenet, 2010).
- risk assessment (p. 5): Risk assessment involves the identification of risks followed by their evaluation or ranking. (†751)
- risk management (p. 6): The focus of risk management is the assessment of significant risks and the implementation of suitable risk responses. The objective is to achieve maximum sustainable value from all the activities of the organisation. Risk management enhances the understanding of the potential upside and downside of the factors that can affect an organisation. It increases the probability of success and reduces both the probability of failure and the level of uncertainty associated with achieving the objectives of the organisation. (†752)
- risk management (p. 9): Risk management process (based on ISO 31000)