BUISENESS MANAGEMENT
RISK MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
ISO Guide 73 ISO 31000
|
|
|
Institute of Risk Management (IRM)
|
|
|
“Orange Book” from HM Treasury
|
|
|
Institute of Internal Auditors
|
Detailed explanation-1: -As per ISO 31000, risk is “The effect of uncertainty on objectives” whereas risk management is “coordinated activities to direct and control and organization with regard to risk".
Detailed explanation-2: -Risk is the effect of uncertainty on objectives. This definition of risk comes from ISO 31000, the standard from the International Standards Organization. ISO 31000 is the foundation of this legal risk training class.
Detailed explanation-3: -: possibility of loss or injury : peril. : someone or something that creates or suggests a hazard. 3. : the chance of loss or the perils to the subject matter of an insurance contract. also : the degree of probability of such loss.
Detailed explanation-4: -Definition: Risk implies future uncertainty about deviation from expected earnings or expected outcome. Risk measures the uncertainty that an investor is willing to take to realize a gain from an investment. Description: Risks are of different types and originate from different situations.