A. What is ISO 31000?

 As defined in the International Organization of Standardization (ISO

31000). Risk Management is the identification, assessment, and
prioritization of risks followed by coordinated and economical
application of resources to minimize monitor and control the
probability and/or impact of unfortunate events and to maximize the
realization of opportunities. It is through risk management that risks to
any specific program are assessed and systematically managed to
reduce risk to an acceptable level. Risks can come from uncertainty
in the financial market, project failures, legal liabilities. credit risks
accidents, natural causes and disasters as well as deliberate attack
from adversary, or events of uncertain or unpredictable root-cause.