The words Risk Management bring up various feelings among people. For some it is the dreaded words heard before their project is terminated, while for others they see opportunity with risk. Either way risk affects us all, no matter our age, our profession or where we live. I have a positive view of risk. I believe that risks occur when we seize opportunities. From this perspective then risk management is how we manage the risks (downside), while seizing opportunities.
In Australia commonly organisations use the standards known as AS/NZS ISO 31000:2009 Risk Management — Principles and Guidelines. These standards outline the principles, framework and process for risk management. The relationship between these three elements are displayed below:
Australian/New Zealand Standard, Risk management—Principles and guidelines (AS/NZS ISO 31000:2009)
Created by: Attila Ovari
© Attila & Kim Ovari 2012. The content of this Article may be reproduced with permission of the author. Created on 11 Jun 12
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