Evaluating The Iso 31000 Risk Management - 1599 Words

The 2000 decade is popularly viewed as one of the worst decades in U.S. history and with good reason. During this time period, New York city’s Twin Towers were turned into rubble from terrorist attacks; retaliated with two prolonged and costly wars while at the same time increasing the terrorist threat at home and abroad; transitioned through the recession of 2003 and barely survived the 2008 financial crisis; domestic and financial systems abroad came close to collapsing as a result of a U.S housing market collapse. Such events strongly support the evolution of the definition of risk and risk management. Furthermore, because of a strong demand at home and abroad for improved risk management systems, the 2000 decade saw the passing of several risk management acts and reforms of which required increased transparency and increased executive management oversight. Because of the previous, this paper will analyze how Caterpillar may be able to apply the ISO 31000 risk managemen t standard to safely control its exposure against â€Å"hazard risk.† Enterprise Risk Management (ERM) Enterprise risk management (ERM) has evolved from traditionally focusing on hazard risk to a more modern approach of holistically managing all risk threating an organization. Furthermore, Elliott (2012) adds, ERM is best explained through such theoretical concepts like interdependency, correlation, and Portfolio Theory. Interestingly enough, even with numerous risk management standards and conceptsShow MoreRelatedRisk Management : Financial Crisis1350 Words   |  6 PagesRisk management changed around the world since the bankruptcy of Enron in 2001 however, it was found by many that it was still not enough since the mortgage crisis of 2007 and 2008 took place after many risk management safeguards had already been put into place. One company emerged a leader among all others in what was failing in the mortgage servicing industry. The industry had sustained unprecedented losses and could be not able to deal with the ensuing financial meltdown that was about to occurRead MoreThe Control Self Assessment Program2370 Words   |  10 Pages Case Studies Research Project Victoria Bowman Purple Team Control Self Assessment A Control Self Assessment program, or CSA, is a technique used by management in order to assure key stakeholders that the company or organization’s internal control systems are effective and reliable. Within the Control Self Assessment program managers confirm the effectiveness of the internal controls that are in place by performing effectiveness tests that certifies thatRead MoreRisk Management For Darling Harbour Water Feature3565 Words   |  15 Pages 49006- Risk Management in Engineering Risk Management Plan for Darling Harbour water feature Omar Aleassa Autumn 2015 TABLE OF CONTENTS EXECUTIVE SUMMARY.........................................................................................1 Risk Assessment Process....................................................................................2 1 Introduction......................................................................................................5 1Read MoreCase Analysis : Amazon.com Inc.1368 Words   |  6 Pages Assessing risk management for the online retailer is determined by looking at the four high-level risk categories that include hazard risks, operational risks, financial risks and strategic risks. It is important for companies to understand these different types of risk and develop a risk program that addresses these risks. By using the International Organization of Standardization (ISO) 31000 Risk management process, Amazon can evaluate the risks that the company faces. The risk assessment processRead MoreEssay on Riks Management2360 Words   |  10 PagesIntroduction to risk principles Assignment 1 AS/NZS/ISO 31000:2009 HB 436:2004 Table of contents 1.0 Introduction 1 2.0 Statement of case 1 3.0 Identification and classification of risks 1 4.0 Risks analysis 2 5.0 Risks evaluation 4 Competition 4 Reputation 4 Stock turnover and financial leverage 5 Quality assurance 6 Performance of employees 6 Payment system interruption 7 Supplier and natural disaster 7 6.0 Risk register 7 7.0 Risk treatment 9 Risk treatmentRead MoreApplying ISO 31000 Essay4833 Words   |  20 PagesAPPLYING THE ISO 31000 RISK ASSESSMENT FRAMEWORK TO COASTAL ZONE MANAGEMENT V Rollason1, G Fisk2, P Haines1 1 BMT WBM Newcastle, NSW 2 BMT WBM Brisbane, QLD. Abstract The NSW Government’s Sea Level Rise Policy Statement, Coastal Planning Guideline: Adapting to Sea Level Rise and Draft Guidelines for Preparing Coastal Zone Management Plans have endorsed the use of a ‘risk assessment approach’ to coastal zone management. The risk assessment framework is used extensively in industry and Read MoreThe Emergence Of Risk Based Approaches1686 Words   |  7 PagesCh. 3.1 Emergence of Risk-Based Approaches Risk assessment is increasingly conducted by many groups within an organization to fulfil a variety of business and regulatory requirements. Various groups within the same organization often rely on guidance from different professional organizations to provide a framework for conducting the risk assessment. As financial organizations offer disparate approaches to risk assessment, they contribute to risk information. In this context, information systemsRead MoreThe Global Financial Crisis3204 Words   |  13 Pagesjust before the crisis saw a flood of irresponsible mortgage lending in America. Loans were given out to subprime borrowers without proper evaluation on their credit history and repayment ability. These risky mortgages were then converted into low risk securities by government appointed (or funded) agencies to attract investors. Low rate for short-term funds led investors to borrow more money and invested in these securities. Now, these mortgages were collateralised against houses and land propertyRead MoreMacvile1267 Words   |  6 PagesIdentify Risk and Plan Risk Management MacVille Assessment 1 Submission details (Due: week 6) Candidate’s name | | Student ID | | Assessor’s name | Olga Borovkova | Email | | Assessment site | Cambridge International College | Assessment date/s | | Time/s | | Contents Risk Context 2 Have your read the assessment 2 Your role and task 3 Internal Risks Context 3 External Risks Context 4 Evaluation Criteria 4 MacVille Risk 4 SWOT 5 Check list 5 StakeholdersRead MoreFinancial Risks in Construction2642 Words   |  11 PagesFinancial Risks in Construction Discuss financial risks in construction, highlighting historical background, current issues/practices and implications/relevance to construction project management generally and specifically to construction project planning and control, feasibility study and appraisal, and financing. 1.0 Definitions i. The Project Management Institute‟s (PMI) A Guide to the Project Management Body of Knowledge (PMI 2008) defines project risk as: An uncertain event or condition that