Article: Family of standards relating to risk management
http://andrewromanoff.com/draft_iso_31000_2009_risk_management_principles_and.pdf
ISO 31000 is a family of international standards relating to risk management codified by the International Organization for Standardization. The standard is intended to provide a consistent vocabulary and methodology for assessing and managing risk, resolving the historic ambiguities and differences in the ways risk are described.
Introduction
ISO 31000 was published as a standard on 13 November 2009, and provides a standard on the implementation of risk management. A revised and harmonized ISO/IEC Guide 73 was published at the same time. The purpose of ISO 31000 is to be applicable and adaptable for "any public, private or community enterprise, association, group or individual." Accordingly, the general scope of ISO 31000 – as a family of risk management standards – is not developed for a particular industry group, management system or subject matter field in mind, rather to provide best practice structure and guidance to all operations concerned with risk management. It began the process for its first revision on May 13, 2015. A draft International standard (DIS), which was open for public comment, was published on February 17, 2017. The ISO 31000 has been criticized for lack of solidness and misleading language.
An update to ISO 31000 was added in early 2018. The update is different in that it "provides more strategic guidance than ISO 31000:2009 and places more emphasis on both the involvement of senior management and the integration of risk management into the organization."
Scope
ISO 31000 provides a set of principles, guidelines for the design, implementation of a risk management framework and recommendations for the application of a risk management process. The risk management process as described in ISO 31000 can be applied to any activity, including decision-making at all levels.
The difference between the terms risk management framework and risk management process is described by ISO as in the following:
Risk management framework - set of components that provide the foundations and organizational arrangements for designing, implementing, mentoring, reviewing and continually improving risk management throughout the organization. With the help of the PDCA cycle, the system can be improved on an ongoing basis.
Risk management process - systematic application of management policies, procedures and practices to the activities of communication, consulting, establishing the context, and identifying, analyzing, evaluating, treating, monitoring and reviewing risk. In other words, what ISO 31000 does is that it formalizes risk management practices, and this approach is intended to facilitate broader adoption by companies who require an enterprise risk management standard that accommodates multiple ‘silo-centric’ management systems.
The scope of this approach to risk management is to enable all strategic, management and operational tasks of an organization throughout projects, functions, and processes to be aligned to a common set of risk management objectives.
Accordingly, ISO 31000 is intended for a broad stakeholder group including:
executive level stakeholders
appointment holders in the enterprise risk management group
risk analysts and management officers
line managers and project managers
compliance and internal auditors
independent practitioners. Definitions
One of the key paradigm shifts proposed in ISO 31000 is a change in how risk is conceptualised and defined. Under both ISO 31000 and ISO Guide 73, the definition of "risk" is no longer "chance or probability of loss", but "effect of uncertainty on objectives" ... thus causing the word "risk" to refer to positive consequences of uncertainty, as well as negative ones.
A similar definition was adopted in ISO 9001:2015 (Quality Management System Standard), in which risk is defined as, "effect of uncertainty." Additionally, a new risk related requirement, "risk-based thinking" was introduced there.
Likewise, a broad new definition for stakeholder was established in ISO 31000, "Person or persons that can affect, be affected by, or perceive themselves to be affected by a decision or activity." It is the verbatim definition given for the term "interested party" as defined in ISO 9001:2015.
Framework approach
ISO 31000:2009 has been developed on the basis of an existing standard on risk management, AS/NZS 4360:2004 (In the form of AS/NZS ISO 31000:2009). Whereas the initial Standards Australia approach provided a process by which risk management could be undertaken, ISO 31000:2009 addresses the entire management system that supports the design, implementation, maintenance and improvement of risk management processes.
Implementation
The intent of ISO 31000 is to be applied within existing management systems to formalize and improve risk management processes as opposed to wholesale substitution of legacy management practices. Subsequently, when implementing ISO 31000, attention is to be given to integrating existing risk management processes in the new paradigm addressed in the standard.
The focus of many ISO 31000 'harmonization' programmes have centered on:
Transferring accountability gaps in enterprise risk management
Aligning objectives of the governance frameworks with ISO 31000
Embedding management system reporting mechanisms
Creating uniform risk criteria and evaluation metrics
Implications
While adopting any new standard may have re-engineering implications to existing management practices, no requirement to conform is set out in this standard. A detailed framework is described to ensure that an organization will have "the foundations and arrangements" required to embed needed organizational capabilities in order to maintain successful risk management practices. Foundations include risk management policy, objectives and mandate and commitment by top management. Arrangements include plans, relationships, accountabilities, resources, processes and activities.
Accordingly, senior position holders in an enterprise risk management organisation will need to be cognisant of the implications for adopting the standard and be able to develop effective strategies for implementing the standard, embedding it as an integral part of all organizational processes including supply chains and commercial operations. In domains that concern risk management which may operate using relatively unsophisticated risk management processes, such as security and corporate social responsibility, more material change will be required, such as creating a clearly articulated risk management policy, formalising risk ownership processes, structuring framework processes and adopting continuous improvement programmes.
Certain aspects of top management accountability, strategic policy implementation and effective governance frameworks including communications and consultation, will require more consideration by organisations that have used previous risk management methodologies which have not specified such requirements.
Managing risk
ISO 31000 gives a list on how to deal with risk:
Avoiding the risk by deciding not to start or continue with the activity that gives rise to the risk
Accepting or increasing the risk in order to pursue an opportunity
Removing the risk source
Changing the likelihood Changing the consequences
Sharing the risk with another party or parties (including contracts and risk financing)
Retaining the risk by informed decision
Accreditation
ISO 31000 has not been developed with the intention for certification. (2009)
History
YearDescription 2009 ISO 31000 (1st Edition) 2018 ISO 31000 (2nd Edition)
See also Annex SL
International Disaster and Risk Conference
ISO 9000 ISO 14001 ISO 19600 ISO 22000 ISO 28000 ISO 45001 ISO 55000 Operational risk management PDCA Risk assessment Risk management Security risk References External links
Standard International Organization for Standardization
Standard AS/NZS ISO 31000:2009 Risk management – Principles and guidelines
Discussion : LinkedIn discussion forum on ISO 31000:2009 Risk management – Principles and guidelines
Article ISO 31000 : The Gold Standard, Alex Dali and Christopher Lajtha, Strategic Risk, September 2009
Article ISO 31000 standard: a different perspective on risk and risk management |
Source: ☰ Meet Andrew Why I’m Running Lotto 6/49 Endorsements Media
News & Press Releases
In The News Lotto Max Contribute $ Why I’m Running
A catastrophic rise in greenhouse gases. An administration consumed by chaos and scandal. An economy that leaves millions of us behind.
We’re running out of time to rescue our planet, repair our democracy, and restore the American Dream. That’s why I’m running for the U.S. Senate.
Read More Meet Andrew
Andrew Romanoff will bring an extraordinary record of leadership to the U.S. Senate. As president and CEO of Mental Health Colorado, Andrew led the fight for the prevention and treatment of mental health and substance use disorders. Among the results: pathbreaking programs for children and families and $68 million per year in life-saving services for Coloradans in need.
Andrew won four terms in the Colorado House of Representatives—including two terms as speaker of the House—and led the Democrats to their first majority in 30 years. He earned recognition from more than 50 state and national organizations as one of the most effective legislative leaders in America.
Taking Flight with Aviator Predictor: Soaring to New Heights in Online Gambling
In the ever-evolving landscape of online gambling, a game called Aviator has taken the industry by storm. This captivating and unique offering combines the thrill of aviation with the excitement of strategic betting, providing players with an adrenaline-fueled experience that keeps them on the edge of their seats. However, as with any game of chance, having a reliable strategy can significantly enhance your chances of success. Enter Aviator predictor – innovative tools designed to help you navigate the skies and soar to new heights of potential winnings.
The Aviator Game: A High-Flying Adventure
Before delving into the world of predictors, it's crucial to understand the mechanics of the Aviator game itself. Developed by Spribe, a leading provider of innovative online gambling solutions, Aviator is a unique game that combines elements of a crash game with a captivating aviation theme.
The premise is simple yet thrilling. Players place their bets, and a virtual plane takes off, gradually increasing its altitude and multiplying the potential winnings with every passing second. The key is to cash out before the plane reaches a random crash point, allowing players to pocket their winnings. However, the longer you wait, the higher the potential payout becomes – a tantalizing risk-reward scenario that keeps players glued to their screens.
While the game's rules are straightforward, mastering the art of timing your cash-out is a challenging feat. This is where Aviator predictor come into play, offering players a strategic advantage and potentially increasing their chances of success.
Unveiling the Secrets of Aviator Predictor
Aviator predictor are sophisticated tools designed to analyze the game's patterns and provide players with valuable insights to inform their betting strategies. These predictors leverage advanced algorithms, machine learning, and data analysis techniques to identify trends, calculate probabilities, and make educated predictions about when the plane is likely to crash.
There are various types of Aviator predictor available, each offering unique features and capabilities. Some predictors focus on real-time analysis, providing players with up-to-the-second predictions about the game's trajectory. Others take a more historical approach, analyzing past data to identify recurring patterns and potential opportunities.
One of the most popular types of Aviator predictor is the real-time multiplier predictor. This tool uses advanced algorithms to analyze the game's current state and predict the potential multiplier range that the plane might reach before crashing. By providing players with a range of possible multipliers, these predictors can help them make more informed decisions about when to cash out, potentially maximizing their winnings.
Another type of predictor is the crash point predictor, which attempts to forecast the specific point at which the plane will crash. While these predictors are inherently more challenging due to the random nature of the game, they can provide valuable insights for players willing to take calculated risks.
Enhancing Your Aviator Experience with Predictor
While Aviator predictor is powerful tool, it's important to understand that it is not infallible. No predictor can guarantee wins with absolute certainty, as the game's outcome remains ultimately random. However, when used responsibly and in conjunction with sound betting strategies, predictors can significantly enhance your overall Aviator experience and potentially increase your chances of success.
One of the key advantages of using Aviator predictor is the ability to make more informed decisions. By leveraging the insights provided by these tools, players can develop a better understanding of the game's patterns and trends, allowing them to adjust their betting strategies accordingly. This can help mitigate the risk of untimely cash-outs or holding on for too long, potentially increasing their overall profitability.
Additionally, predictors can help players manage their bankrolls more effectively. By providing insights into potential multiplier ranges and crash points, players can better assess the risks associated with each bet and adjust their wager sizes accordingly. This can help prevent catastrophic losses and promote a more sustainable and responsible approach to gambling.
It's important to note that while Aviator predictor can be valuable tools, they should never be treated as a guarantee of success. Responsible gambling practices should always be a top priority, and players should never wager more than they can afford to lose. Predictors should be viewed as an aid to informed decision-making, not a shortcut to guaranteed riches.
Choosing the Right Aviator Predictor
With the increasing popularity of Aviator, numerous predictor tools have emerged in the market, each offering its own unique features and capabilities. Choosing the right predictor can be a daunting task, as not all tools are created equal.
When selecting an Aviator predictor, it's essential to consider factors such as accuracy, reliability, and user-friendliness. Look for predictors that have a proven track record of delivering accurate predictions and are regularly updated to account for any changes in the game's mechanics or algorithms.
Additionally, pay attention to the predictor's user interface and ease of use. A well-designed predictor should be intuitive and easy to navigate, allowing you to access the information you need quickly and efficiently without sacrificing the excitement of the game itself.
It's also worth considering the predictor's pricing structure. While some predictors are free, others may require a subscription or one-time payment. Evaluate the cost against the potential benefits and choose a predictor that aligns with your budget and gambling goals.
Embracing Responsible Gambling Practices
While Aviator predictor can undoubtedly enhance your gaming experience, it's crucial to approach them with a responsible mindset. Gambling should always be viewed as a form of entertainment, and it's essential to set clear limits and boundaries to prevent it from becoming a destructive habit.
Before using any Aviator predictor, take the time to familiarize yourself with responsible gambling practices. Set a budget for your gambling activities and stick to it, regardless of whether you're winning or losing. Never chase losses or bet more than you can afford to lose.
Additionally, be aware of the potential signs of problem gambling, such as preoccupation with gambling, increasing wager sizes, and difficulty controlling your gambling behavior. If you or someone you know is struggling with a gambling addiction, seek professional help or reach out to support organizations that specialize in addressing these issues.
The Future of Aviator Predictor
As technology continues to evolve and the online gambling industry embraces innovation, the future of Aviator predictor looks increasingly promising. With advancements in machine learning, artificial intelligence, and data analytics, predictors are likely to become even more accurate and sophisticated, providing players with unprecedented insights into the game's intricacies.
Furthermore, the integration of predictors with virtual reality (VR) and augmented reality (AR) technologies could pave the way for an even more immersive and engaging Aviator experience. Imagine donning a VR headset and being transported into a virtual cockpit, where predictors seamlessly overlay real-time data and predictions onto your surroundings, creating a truly immersive and interactive gambling environment.
As the online gambling industry continues to grow and evolve, it's likely that we'll see even more innovative approaches to predictors and game analysis tools, further enhancing the player experience and pushing the boundaries of what's possible in the realm of online gambling.
Conclusion
In the dynamic world of online gambling, the Aviator game has carved out a unique niche, captivating players with its thrilling aviation theme and strategic gameplay. With the introduction of Aviator predictor, players now have access to powerful tools that can help them navigate the skies with greater confidence and potentially increase their chances of soaring to new heights of success.
While predictors are not a guaranteed path to riches, they offer invaluable insights and can enhance decision-making processes when used responsibly and in conjunction with sound betting strategies. By embracing these innovative tools and adhering to responsible gambling practices, players can elevate their Aviator experience to new levels of excitement and potential profitability.
As the online gambling industry continues to evolve, it's likely that we'll witness even more groundbreaking advancements in predictor technology, further blurring the lines between gaming and reality. Whether you're a seasoned Aviator pilot or a newcomer to the world of online gambling, the future promises even more exhilarating adventures and opportunities to soar to new heights.
Andrew’s Priorities
Combat the Climate Crisis
Ensure Health Care for All
Champion Public Education Expand Our Prosperity
Learn more about Andrew’s priorities
Andrew Romanoff
is at Christ the King Lutheran Church Denver.
4 hours ago
First Denver Senate Candidates’ Forum ✅ Thanks to the @denverdems for such a great event this morning, and double thanks to all our amazing volunteers! Learn more about helping 👉 andrewromanoff.com! @ Christ the King Lutheran Church Denver
... View on Facebook · Share Share on Facebook Share on Twitter
Share on Linked In
Q&A with Andrew Romanoff: US Senate candidate says Hickenlooper won’t change the game plan
August 21, 2019 Load More... Follow on Instagram
CONNECT WITH THE CAMPAIGN
Join The Team Thank you! $ 10 $ 25 $ 50 $
100 Contribute Volunteer Host a Party Events
Privacy Policy
PAID FOR BY ROMANOFF FOR COLORADO
The Stark Group |