ISO 31000

Apart from WHS, there are several other risk factors which are required to be managed and taken into consideration. Strategic risk: As we know that a prosperous business needs an all-round, well established business plan. But furthermore, it is also a fact that things twist and our good plans can regularly come to look outdated. This is an integral risk that our company’s practice/strategy becomes ineffective and the company struggles to achieve its goals and objectives. The reason can be…

Let’s say that we have calculated effectiveness (assuming PD=0,8; PA=0,9; PI=0,6; PN=0,4) and it equals to 0,8 x 0,9 x 0,6 x 0,4 =0,1728. Remember, the conditional risk formula? Assuming again, that probability of attack and relative consequences both equal 1,0, conditional risk R= 1,0 x (1 – 0,1728) x 1,0 = 0,8272 ( or we can say that the risk equals 83% if rounded). Is it a lot? It depends on conversion table we will use to present numerical value as adjectival. And what it is mean? For…

In addition, based on the specific and diverse aspects of the risks, they need to be managed by specific managers, and the manager for each risk should be recorded in order to facilitate further improvement and reference. Project managers needs to ensure all the risks are managed and treated well. For controlling and reducing the impacts of risks in the projects, risk treatment exists to select applicable options of solutions for the risks which are identified before. In this process, creative…

activity. Consequently, management processes have to be deployed to identify, assess, plan, develop responses, monitor and review the risks, as a mean to improve business performance, and increase organizational benefits. (Hillson, 2011; Chapman, 2011; ISO 31000:2009). Risks faced by organizations are usually classified, according to their extent and nature (M_o_R, 2010; Hillson, 2011), into perspectives or specialisms such as strategic, financial, reputational, incident and crisis,…