Question

In the Australian Standard ISO 31000:2018 what are the 8 principles of Risk Management? please outline the 2018 version.

Answer 1

1. Integrated : Risk Management is an integral part of all organizational activities
2. Structured and comprehensive: Risk management is structured, systematic and timely
3. Customized: Risk management is tailored
4. Inclusive: Risk management is transperent and inclusive
5. Dynamic: Risk can emerge, change or disappear as an organization's external and internal context changes. Risk management anticipates, detects, acknowledges and responds to those changes and events in an appropriate and timely manner.
6. Best Available Information: The inputs to risk management are based on historical and cuurent information, as well as on future expectations. Risk management explicity takes into account any limitations and uncertainities associated with such information and expectations. Information should be timely, clear and available to relevant stakeholders.
7. Human and Cultural factors: Human behaviour and culture significantly influence all aspects of risk management at each level and stage.
8. Continual Improvement: Risk management is continually improved through learning and experience.