CramX Logo
RegisterLog in
Back to FlashcardsAccounting / ISO 31000:2018 Risk Management Guidelines

ISO 31000:2018 Risk Management Guidelines

Accounting10 CardsCreated 3 days ago

This deck provides an overview of the ISO 31000:2018 standard for risk management, covering its principles, framework, and processes. It includes key definitions, the role of leadership, and the iterative nature of risk management.

Report

What is the main purpose of ISO 31000:2018?

To provide guidelines on managing risk faced by organizations, applicable to any organization and context.

Rate to track your progress ✦

Tap or swipe ↕ to flip
Swipe ←→Navigate
1/10

Key Terms

Term
Definition
What is the main purpose of ISO 31000:2018?
To provide guidelines on managing risk faced by organizations, applicable to any organization and context.
Define 'risk' according to ISO 31000:2018.
Risk is the effect of uncertainty on objectives, which can be positive, negative, or both.
What is 'risk management'?
Coordinated activities to direct and control an organization with regard to risk.
What role does leadership play in risk management according to ISO 31000:2018?
Leadership ensures risk management is integrated into all organizational activities and demonstrates commitment by allocating resources and assigning ...
What are the key components of the risk management framework?
Integrating, designing, implementing, evaluating, and improving risk management across the organization.
Why is risk management considered iterative?
Because new experiences, knowledge, and analysis can lead to revisions of process elements, actions, and controls at each stage.

Related Flashcard Decks

Accounting

Bank Statement Reconciliation

This deck covers the essential concepts and steps involved in reconciling bank statements, helping you understand how to match your financial records with bank records.

13 cards
View Deck
Accounting

Conflicts of Interest & Basics of Info Security

This deck covers key concepts related to conflicts of interest (COI) in research and basic information security practices. It includes questions about COI management, disclosure requirements, and security measures.

13 cards
View Deck
Accounting

DOD Mandatory Controlled Unclassified information (CUI) Training

This deck covers key concepts, definitions, and procedures related to Controlled Unclassified Information (CUI) as per DOD guidelines.

20 cards
View Deck
Accounting

Risk Management Concepts

This deck covers key concepts in risk management, including definitions, calculations, and principles related to managing uncertainty in organizations.

20 cards
View Deck
Accounting

Positive Psychology: WJEC: CONTEMP DEBATE: Raines research on criminals

Neuroscience offers a scientific, objective way to study human behaviour by examining brain activity. Techniques like fMRI and PET scans allow researchers to explore areas such as decision-making, consumer preferences (neuromarketing), and differences in brain function, such as those found in criminals in Raine et al.'s 1997 study.

10 cards
View Deck
Accounting

Evolution of Operating Systems and Hardware

This deck covers the historical development of operating systems and hardware, highlighting key innovations and concepts from early computing to modern systems.

10 cards
View Deck
Accounting

POA Sec 3 Chap 5 Quiz

This deck covers key concepts from Chapter 5, focusing on Special Journals and related accounting practices.

9 cards
View Deck
Accounting

POA Sec 3 Chap 6 Quiz

This flashcard set focuses on interpreting debit balances in the cash in hand account. A debit balance of $100 indicates that the business currently has $100 in physical cash on hand, available in the office.

21 cards
View Deck
Accounting

POA Sec 3 Chap 1: Role of Accounting and Accounting Principles Part 1

This deck covers the fundamental concepts of accounting, including bookkeeping, the roles and responsibilities of accounting, the accounting information system, stakeholders, and types of business entities.

25 cards
View Deck
ISO 31000:2018 Risk Management Guidelines
TermDefinition
What is the main purpose of ISO 31000:2018?
To provide guidelines on managing risk faced by organizations, applicable to any organization and context.
Define 'risk' according to ISO 31000:2018.
Risk is the effect of uncertainty on objectives, which can be positive, negative, or both.
What is 'risk management'?
Coordinated activities to direct and control an organization with regard to risk.
What role does leadership play in risk management according to ISO 31000:2018?
Leadership ensures risk management is integrated into all organizational activities and demonstrates commitment by allocating resources and assigning responsibilities.
What are the key components of the risk management framework?
Integrating, designing, implementing, evaluating, and improving risk management across the organization.
Why is risk management considered iterative?
Because new experiences, knowledge, and analysis can lead to revisions of process elements, actions, and controls at each stage.
What is the purpose of risk treatment?
To select and implement options for addressing risk, ensuring the remaining risk is acceptable.
How does ISO 31000:2018 define 'stakeholder'?
A person or organization that can affect, be affected by, or perceive themselves to be affected by a decision or activity.
What is the significance of 'communication and consultation' in risk management?
To assist stakeholders in understanding risk, the basis for decisions, and the reasons for actions.
What is meant by 'risk assessment' in ISO 31000:2018?
The overall process of risk identification, risk analysis, and risk evaluation.