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Define risk based on ISO 31000 Questions PPT

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Question 1 a) Define risk based on ISO 31000 and explain all key words in the definition. b) Define likelihood and probability based on ISO Guide 73. c) Company ABC wants to formalise and improve their risk management. They have hired you as the new Chief Risk Officer. On your first day, the company’s CEO asks you to find out how the company can get an ISO certification for risk management. What do you advise? 4 Question 1 a) Define risk based on ISO 31000 and explain all key words in the definition.  Risk – effect of uncertainty on objectives  Effect: deviation from the expected, can be positive and/or negative  Objectives: Can have different aspects and categories, and can apply at different levels  Uncertainty: The state, even partial, of deficiency of information related to, understanding or knowledge of an event, its consequence, or likelihood 5 Question 1 b) Define likelihood and probability based on ISO Guide 73.  Likelihood: the chance of something happening, whether defined, measured or determined objectively or subjectively, qualitatively or quantitatively, and described using general terms or mathematically [such as a probability or a frequency over a given time period].  Probability: measure of the chance of occurrence expressed as a number between 0 and 1, where 0 is impossibility and 1 is absolute certainty. 6 Question 1 c) Company ABC wants to formalise and improve their risk management. They have hired you as the new Chief Risk Of ...
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