Approaches to defining risk

helen_woolford
Mind Map by helen_woolford, updated more than 1 year ago
helen_woolford
Created by helen_woolford almost 7 years ago
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A-Levels 1. Introduction to Risk Management Mind Map on Approaches to defining risk, created by helen_woolford on 05/06/2013.

Resource summary

Approaches to defining risk
1 Definition of risk
1.1 ISO Guide 73 ISO 31000
1.2 Institute of Risk Management (IRM)
2 Types of Risk
2.1 Hazard (pure)
2.1.1 Control (uncertainty)
2.1.1.1 Opportunity (Speculative)
2.1.1.1.1 Embrace
2.1.1.2 Manage
2.1.2 Mitigate
3 Risk Description
3.1 A detailed description is necessary so that a common understanding of the risk can be identified and ownership/responsibility can be clearly understood
4 Inherent level of risk
4.1 The Institute of Internal auditors
4.1.1 identify controls
4.1.2 Risk Assessment
5 Risk Classification System
5.1 Source of risk
5.2 Component impacted
5.3 Consequence of risk occuring
6 Risk likelihood & Magnitude
6.1 Risk matrix
6.1.1 nature of risk
6.1.1.1 control mechanisms
6.1.1.1.1 inherent, current and target level
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