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Approaches to defining risk

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A-Levels 1. Introduction to Risk Management Mind Map on Approaches to defining risk, created by helen_woolford on 06/05/2013.
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Mind Map by helen_woolford, updated more than 1 year ago
helen_woolford
Created by helen_woolford over 11 years ago
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Resource summary

Approaches to defining risk
  1. Definition of risk
    1. ISO Guide 73 ISO 31000
      1. Institute of Risk Management (IRM)
      2. Types of Risk
        1. Hazard (pure)
          1. Control (uncertainty)
            1. Opportunity (Speculative)
              1. Embrace
              2. Manage
              3. Mitigate
            2. Risk Description
              1. A detailed description is necessary so that a common understanding of the risk can be identified and ownership/responsibility can be clearly understood
              2. Inherent level of risk
                1. The Institute of Internal auditors
                  1. identify controls
                    1. Risk Assessment
                  2. Risk Classification System
                    1. Source of risk
                      1. Component impacted
                        1. Consequence of risk occuring
                        2. Risk likelihood & Magnitude
                          1. Risk matrix
                            1. nature of risk
                              1. control mechanisms
                                1. inherent, current and target level
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