Framework

Risk management process

The question it answers

How should a leadership team identify, assess, control and keep reviewing risks in a repeating loop so that the business plan is not derailed by surprises?

Origin
ISO 31000:2018; enterprise view in COSO (2017)
Diagram type
Cycle
Level of analysis
Firm
Topics
Ethics & corporate governanceCorporate finance
Clay balance scale with two level glass pans, icon for business ethics

Diagram

Risk management process

  1. Identify
  2. Assess likelihood and impact
  3. Control
  4. Monitor and review

Sources

References

Listed A–Z by author surname, Harvard style. A source with a DOI links to https://doi.org/…; one without links to its page or says plainly that it has no DOI.

  1. Committee of Sponsoring Organizations of the Treadway Commission (2017) Enterprise Risk Management – Integrating with Strategy and Performance.No DOIcoso.orgSource page
  2. International Organization for Standardization (2018) ISO 31000:2018 Risk management – Guidelines.No DOIiso.orgSource page