Question

what can i answer with this question?

You could be expected to outline the purpose and key elements of current risk management standards. Where would you find this information and how does it link to AS/NZS ISO risk management standards? List ten key elements of risk management. (200 words)

Answer 1

Solution:

The risk standards set for a region by a competent authority are the measures that are essential to managing the risks in that particular region. It is necessary to have detailed knowledge about the risk management of a particular region because every region has a different set of elements that are associated with their risk management program because of the diversity in the geography and demography.

The purpose of any risk management standards is to ensure there are appropriate standards in place to measure the extent of risk associated with various projects or activities. Such standards help us in becoming aware of the risks and their magnitude before we even experience them, hence giving us necessary warnings.

Some of the critical elements of risk management standards are listed below,

1. Achievement
2. Action
3. Accountability
4. Assurance
5. Architecture
6. Applications
7. Analytics
8. Assessment
9. Aggregation
10. Appetite

These are the 10 critical elements of any risk standards.