Risk Management and ISO 31000 - A pocket guide

CHAPTER 5: READING ISO 31000 WITHIN WIDER RISK CONCEPTS

Out last chapter looks at how ISO 31000 can be used throughout the life of an organisation and how it can be applied to any activity, including decision making at all levels. This is irrespective of what risk management methodologies are used. Later in the chapter we will look at another example, COBIT^® 5.

ISO 31000’s Clause 6.3 Scope, Context and Criteria is key to understanding how ISO 31000 can assist RBT because, unlike Annex SL, it gives a detailed breakdown of how the risk process can be seen.

Clause 6.3 includes requirements to what it calls ‘risk criteria’ but is often known by the term ‘risk appetite’. I referred to this in Chapter 4, but understanding what this means in your own ...