RISK MANAGEMENT

ISO 31000 is the international standard for risk management. It provides principles and generic guidelines on risk management. ISO 31000 is a useful standard for any public, private or community enterprise, association, business, group or individual. It applies to any activity in a business including strategies and decisions, operations, processes, functions, projects, products, services and assets. It also applies to any type of risk, whatever its nature, positive or negative. While all organizations manage risk to some degree, ISO 31000 establishes a number of principles to make risk management effective. It recommends that organizations develop, implement and continuously improve a framework to integrate the process for managing risk into the organization's overall governance, strategy and planning, management, reporting processes, policies, values and culture

Objectives of Risk Management: Students are able to:

Articulate the principles of risk management outlined in ISO 31000:2009 Interpret and describe the framework of risk management based on the

11 principles
Implement a risk management system Understand the mechanism to conduct risk identification, risk analysis, risk

evaluation and risk treatment

Course Contents: Module 0 Introduction About the course Overview of course structure and learning objectives. Course modules

Module 1 Risk Management and its benefits Introduction Risk Management. Risk Management in organizations and risk ownership Why implement ISO 31000 Benefits of Risk Management. Identifying Risks

Module 2 Elements of Risk Management Relationship between Principles, Framework and Process Principles of Risk Management Elements and Purpose of the PDCA cycle Designing the Framework with Mandate and Commitment Sequence of the Elements in the Framework

Module 3 Mandate, Commitment and Governance of Risk Management Understanding the Organization: Internal and External context

Module 4 RisM Creating an RisM Policy Accountability of RisM Integrating into organization Resource identification & provision Communication Implementing & Monitoring Continual improvement of Framework Process of RisM

Module 5 Risks Risk Criteria Risk Identification

Module 6 Risk Analysis Risk Treatment Risk Treatment Plan

Module 7 Review of System Monitoring and Review of System Summary