part B 2017\uff0b2018 Part B 4.docx - 17 \u5e74 part B Question B1 The AS\/NZS ISO 31000 2009 process refers to knowing the'context of the risk that a company

part B 2017uff0b2018 Part B 4.docx - 17 u5e74 part B...

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17 part B Question B1The AS/NZS ISO 31000: 2009 process refers to knowing the 'context' of the risk that a companyis exposed to.You are required to:(i) Explain what AS/NZS ISO 31000: 2009 means by the “context” of the risk(ii) Explain each of the following terms and for each “context” identify three elements that should be considered:(a) the external context; and(b) the internal context.(i) The aim of the ‘establish the context’ step in the risk management process is to articulate the organisation’s objectives, define the external and internal factors that could be a source of uncertainty, scope and structure the risk management activity, and finally design the criteria to subsequently assess the risk.
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