What is risk?
Why use ISO31000 guidelines?
It has been adopted Worldwide.
A risk framework requires ?
The effectiveness of risk management will depend on its integration into the governance of the organisation, including decision-making. This requires support from stakeholders, particularly top management.
Integrating risk management into an organisation is a dynamic and iterative process, and should be customised to the organisation’s needs and culture.
When designing the framework for managing risk, the organisation should examine and understand its external and internal context.
Properly designed and implemented, the risk management framework will ensure that the risk management process is a part of all activities throughout the organisation, including decision-making, and that changes in external and internal contexts will be adequately captured.
In order to evaluate the effectiveness of the risk management framework, the organisation should periodically measure risk management framework performance against its purpose, implementation plans, indicators and expected behaviour.
As relevant gaps or improvement opportunities are identified, the organisation should develop plans and tasks and assign them to those accountable for implementation.
Communication & Consultation
Scope, Context and Criteria
Monitor and Review
Recording and Reporting
What is Antifragile?
For antifragile, harm from errors should be less than the benefits.
What are Human Factors?
Human Factor Failure Case Studies Chernobyl Disaster - The Ukrainian Minister of Power stated the odds of a meltdown were 1 in 10,000 just two months before the meltdown. Volkswagen - A culture developed that seems to have not only permitted cheating on emissions tests, but even encouraged it. IBM (early 1990) - An entrenched culture of conformity and rules that resisted any attempts at change which nearly sent them bankrupt. ENRON - Individual and collective greed born in an atmosphere of market euphoria and corporate arrogance.
Are we actually contributing to the fragility of society by trying to avoid risk?