Scope and Purpose of Risk Management

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Assessment 1


1 Explain why you (representing the organization) would review its existing risk management practices (policy, procedure, process).

a A review of risk management practices is crucial for ensuring that the organization is up-to-date with the potential threats and risks that might affect the company.

b The rationale for the review is that it is in line with the essence of what it means to manage risk. Risk management will examine the risks that stem from various aspects of the company and impact the business in some way—but if risk managers do not also assess their own practices, policies, procedures and processes, they have no way of knowing whether they adequately addressing risks in their department.

c The benefits of doing the review are that it provides risk management with a better sense of how it is defining risk, where it sees the risk as lying, what plans it has in place to address risk, and what methods and procedures must be updated to better facilitate the process.



2a Provide 3 examples of the scope that risk management may cover.

The scope of risk management includes: 1) analyzing the risk—for example, by asking what happens if…, 2) planning a response—for example, if x occurs, then z should be implemented, and 3) monitoring/controlling the response—for example, assessing the implementation and making changes accordingly (DiDgraga, 2013).

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2b Provide a brief explanation of what it is within the scope that risk management will be applied

Risk management is applied in analyzing the risk by identifying the risk factors, in planning a response by providing courses of action to address those factors, and in monitoring/controlling the response by overseeing the action and measuring the outcome.



3 In your own works, summarize:

a 11 principles of the AS/NZS ISO 31000 Risk Management – Principles and Guidelines

1. Produce value and safeguard it by constant review.

2. Be part of the organization: manage risk at both strategic and operational levels.

3. Be involved in the decision making process by assisting in prioritizing and highlighting the way to appropriate action.

4. Directly address issues of uncertainty: don’t allow change to be a factor.

5. Systematize the approach: manage risk through structured and timely processes.

6. Be evidence-based and up-to-date when making informed decisions.

7. Adapt the….....

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References

DiDraga, O. (2013). The role and the effects of risk management in IT projects success. Informatica Economica, 17(1), 86-98. 

 

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