Transcription of A RISK MANAGEMENT STANDARD
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A RISK MANAGEMENT STANDARD
F E D E R AT I O N O F. E U RO P E A N R I S K. M A NAG E M E N T. A S S O C I AT I O N S. A RISK MANAGEMENT . STANDARD . A RISK MANAGEMENT STANDARD . Introduction The Risk MANAGEMENT STANDARD is the result of There are many ways of achieving the work by a team drawn from the major risk objectives of risk MANAGEMENT and it would be MANAGEMENT organisations in the UK - The impossible to try to set them all out in a single Institute of Risk MANAGEMENT (IRM),The document. Therefore it was never intended to Association of Insurance and Risk Managers produce a prescriptive STANDARD which would (AIRMIC) and ALARM The National Forum for have led to a box ticking approach nor to Risk MANAGEMENT in the Public Sector. establish a certifiable process. By meeting the various component parts of this STANDARD , In addition, the team sought the views and albeit in different ways, organisations will be in opinions of a wide range of other professional a position to report that they are in bodies with interests in risk MANAGEMENT , compliance.
4. Risk Analysis 4.1 Risk Identification Risk identification sets out to identify an organisation’s exposure to uncertainty. This requires an intimate knowledge of the organisation, the market in which it operates, the legal, social, political and cultural environment in which it exists, as well as the development of a sound understanding of its
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