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PRINCIPLES

• a) Risk management creates and protects value.

• b) Risk management is an integral part of all organizational processes

• c) Risk management is part of decision making.

• d) Risk management explicitly addresses uncertainty.

PRINCIPLES

• e) Risk management is systematic, structured and timely

• f) Risk management is based on the best available information

• g) Risk management is tailored. • h) Risk management takes human and cultural

factors into account

PRINCIPLES

• i) Risk management is transparent and inclusive.

• j) Risk management is dynamic, iterative and responsive to change.

• k) Risk management facilitates continual improvement of the organization.

RELATIONSHIPS BETWEEN THE RISK MANAGEMENT PRINCIPLES, FRAMEWORK AND PROCESS

RELATIONSHIP BETWEEN THE COMPONENTS OF THE FRAMEWORK FOR MANAGING RISK

TERMS AND DEFINITIONS

• Risk:effect of uncertainty on objectives• risk management :coordinated activities to

direct and control an organization with regard to risk

• risk management framework:set of components that provide the foundations and organizational arrangements for designing, implementing, monitoring, reviewing and continually improving risk management.

TERMS AND DEFINITIONS

• risk management policy: statement of the overall intentions and direction of an organization related to risk management

• risk attitude:organization's approach to assess and eventually pursue, retain, take or turn away from risk

• risk management plan:scheme within the risk management framework specifying the approach, the management components and resources to be applied to the management of risk

TERMS AND DEFINITIONS

• risk owner:person or entity with the accountability and authority to manage a risk

• risk management process: systematic application of management policies, procedures and practices to the activities of communicating, consulting, establishing the context, and identifying, analyzing, evaluating, treating, monitoring and reviewing risk.