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Project risk management is an important aspect of project management. This webinar session will inform us how to identify, analyse and respond to risk factors throughout the life cycle of a project.
ISO 31000 has introduced some important and more pertinent terms to the risk management standard and hence helps in better orchestration and implementation of the process across the organization to yield benefits whilst at the same time controlling the costs and the overall optimization of resources.
Risk owner is defined as a “person or entity with the accountability and authority to manage a risk.” This definition will help the risk manager reinforce to management that risk ownership must be with management and not with the risk manager.
Risk appetite is an area that many organizations struggle with and whilst risk appetite, is not defined in ISO 31000 (it is in ISO Guide 73:2009), the Standard defines risk attitude as the organization’s “approach to assess and eventually pursue, retain, take or turn away from risk”.
Risk management policy is also defined as a “statement of the overall intentions and direction of an organization related to risk management”.
The risk management plan should specify the “approach, the management components and resources to be applied to the management of risk.”
ISO has released ISO Guide 73:2009 Risk management – Vocabulary to provide further guidance with respect to generic terms and definitions relating to risk management to support consistency.
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