Free and Premium GAQM ISO-31000-CLA Dumps Questions Answers

Uncertainty leads to a changing context2. This means that uncertainty creates variability in outcomes and expectations, which may affect the objectives and scope of risk management.

Monitoring and review is a critical part of risk assurance5. This step involves checking whether the risk management framework, policy, and plan are implemented, whether they remain suitable, and whether they need improvement.

Human element is often the biggest challenge in risk implementation. Human element involves overcoming resistance to change, engaging stakeholders, building trust and commitment, and fostering a positive risk culture.

According to 1, ISO 31000 is a family of standards relating to risk management codified by the International Organization for Standardization (ISO). It provides principles and guidelines on managing risks that could affect organizations.

DBMS (Database Management System) and RDBMS (Relational Database Management System) can result in artifacts and records1. These systems are used to store, organize, and manipulate data that can be used for risk management purposes.

KPIs (Key Performance Indicators) and KRIs (Key Risk Indicators) are measured extensively throughout the organization and into the supply chain1. These indicators help to monitor and evaluate the performance and effectiveness of risk management.

External and internal risks are significant risks of reporting that are outside the risk appetite of the organization and can impact compliance, which may also be reportable to regulatory agencies1. These risks may arise from external factors such as market changes, natural disasters, or cyberattacks, or internal factors such as human errors, fraud, or system failures.

Risk management can be used in varied and complex settings2. Risk management can help organizations deal with uncertainty and complexity in any type of activity, industry, or sector.

According to , page 13-14, probability multiplied by impact equals risk magnitude which is “a measure that reflects both likelihood and consequences”. It can be used as an indicator for prioritizing risks.

Risk management ensures that value is created by identifying opportunities for investment, mergers, or acquisition. Risk management helps to assess the potential benefits, costs, and risks of different options and make informed decisions.

Risk assessment teams are composed of cross functional subject matter experts, risk experts, and process owners. Risk assessment teams conduct risk assessments for specific areas or projects within the organization.

According to , page 9, defining the context involves “understanding what influences people’s perception and tolerance of risks”. Discussing how girls are viewed by community members can help identify potential sources of resistance, conflict or violence that may affect the project’s objectives and outcomes.

Risk management is becoming the basis for all decision making2. Risk management helps organizations to identify opportunities and threats, evaluate alternatives, and make informed choices.

the last step of the risk assessment process, which starts with risk identification, moves to risk assessment, and finally risk evaluation, is Risk evaluation.

Risk evaluation involves comparing the estimated level of risk against the risk criteria established during the risk assessment phase, to determine the significance of the risk and whether it is acceptable or not. This decision is made in consultation with stakeholders, who may provide additional context and information to inform the decision.

The American Society for Quality (ASQ) describes risk evaluation as "the process of comparing an estimated risk against given risk criteria to determine the acceptability of the risk." [1]

Similarly, ISO/IEC 27001:2013 (Information technology — Security techniques — Information security management systems — Requirements) defines risk evaluation as "the process of comparing the estimated risk against given risk criteria in order to determine the significance of the risk." [2]

References: [1] ASQ Glossary - Risk evaluation,   [2] ISO/IEC 27001:2013, Clause 6.1.3(c), 

Understanding the potential causes of risk events will primarily help an organisation to reduce the frequency of loss. This is because identifying and analysing the sources and drivers of risks can enable an organisation to implement preventive or mitigating measures.