Introduction
ISO 31000:2018 presents a risk management “process” that is featured in this chapter. The risk management process is explained in ISO 31000:2018 as being an integral part of management and decision making. This international risk management standard should be integrated into the structure, operations and processes of risk-aware organizations. It offers an iterative means of evaluating the effectiveness of the risk management efforts.
COSO ERM:2017 presents similar material under the heading of “Performance.” The COSO ERM principles relating to performance include the following “principles”:
- Identifies Risk—Principle 10
- Assesses Severity of Risk—Principle 11
- Prioritizes Risks—Principle 12
- Implements ...
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