Essays on Managing Risks - ISO 3100 Case Study

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The paper 'Managing Risks - ISO 3100 " is a good example of a management case study. ISO 3100 refers to a set of standards organised by the International Organisation for Standardization that relate to risk management. It provides the process, principles and framework for groups or individuals to follow in managing risks. It can also be used to guide both internal and external audit programmes of an organisation. 1.1.2. Purpose of ISO 3100 The business environment is full of uncertainties and risks which can affect the economic performance of an organisation and its professional reputation.

This means risk management is very important. ISO 3100 aims to provide universally accepted guidelines for organisations and practitioners who are developing risk management plans. This means it can be applied and adapted by any institution, organisation or individual, public or private, in any industry or field. It helps companies increased the probability of achieving their goals, identify and deal with threats through the efficient use of available resources. 1.1.3. Documents required to ensure compliance with current risk management standards In order to confirm that an organisation’ s risk management procedures comply with current risk management standards, a risk assessment report should be provided.

The report should contain the risks identified in the organisation’ s environment as well as the assessment of the risk to determine the extent of the risk. The methodology should be included. The report should further document what amount of the risk is tolerable then provide the steps or procedures for the management of the risk, taking into account the different types of risks involved. 1.2.1. Different types of risks and scope definition. I believe understanding the different types of risks can assist in defining the scope.

Knowledge and understanding of the different types of risk will help in categorising the risks during risk identification. This makes formulating a risk management plan much easier. It also helps define the risk criteria to be used when defining the scope since the categories of risks to be evaluated are already outlined.

Work cited

International Standards Organisation. Web. 27 July 2016.

O’Loughlin, Tanya. 2012. “Manage Risk”. Software Publications. Web. 27 July 2016

“Identifying internal and external stakeholders.” The Denver Foundation. Web. 27 July 2016.

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