Pass the GAQM: ISO ISO-31000-CLA Questions and answers with ExamsMirror

according to page 15 of source 3, the development of a risk management strategy takes into account the organization's resources and internal support. These resources include factors such as human, capital, and technological resources; organizational structure, culture, and governance; communication and consultation mechanisms; and support from senior management and leadership. These inputs have an impact on the feasibility and effectiveness of the risk management strategy.

Full accountability for risk controls and treatment and decision making involves risk are two of the enhanced risk management attributes according to ISO 31000:20091. These attributes indicate that risk management is integrated into governance and decision-making processes.

Risk management is systematic, structured, and timely4. Systematic means that risk management follows a logical and consistent approach. Structured means that risk management has clear steps, roles, and responsibilities. Timely means that risk management provides information in time for decision making.

Risk management takes human and cultural factors into account1. Human factors include perception, judgment, behavior, and communication that influence risk management. Cultural factors include values, beliefs, norms, and expectations that shape the organization’s risk culture.

Risk management is tailored4. Tailored means that risk management takes into account the specific needs, objectives, and characteristics of each organization and its context.

the last step of the risk assessment process, which starts with risk identification, moves to risk assessment, and finally risk evaluation, is Risk evaluation.

Risk evaluation involves comparing the estimated level of risk against the risk criteria established during the risk assessment phase, to determine the significance of the risk and whether it is acceptable or not. This decision is made in consultation with stakeholders, who may provide additional context and information to inform the decision.

The American Society for Quality (ASQ) describes risk evaluation as "the process of comparing an estimated risk against given risk criteria to determine the acceptability of the risk." [1]

Similarly, ISO/IEC 27001:2013 (Information technology — Security techniques — Information security management systems — Requirements) defines risk evaluation as "the process of comparing the estimated risk against given risk criteria in order to determine the significance of the risk." [2]

References: [1] ASQ Glossary - Risk evaluation, https://asq.org/quality-resources/risk-evaluation  [2] ISO/IEC 27001:2013, Clause 6.1.3(c), https://www.iso.org/standard/54534.html

A governance, risk and compliance (GRC) framework is expected to improve efficiency by aligning strategy, processes, technology and people. GRC aims to integrate these elements to achieve organisational objectives while managing risks and complying with regulations.

Uncertainties may involve the process used to conduct the risk analysis and differing abilities among risk analysts. These are examples of factors that can affect the quality and reliability of risk assessment1.

Understanding the potential causes of risk events will primarily help an organisation to reduce the frequency of loss. This is because identifying and analysing the sources and drivers of risks can enable an organisation to implement preventive or mitigating measures.

According to , page 13-14, probability multiplied by impact equals risk magnitude which is “a measure that reflects both likelihood and consequences”. It can be used as an indicator for prioritizing risks.