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Essay / Research Paper Abstract
This 4 page paper provides an introduction to risk management and cites the most recent standard. The paper discusses incident investigation, consultation and communication and context. Bibliography lists 2 sources.
Page Count:
4 pages (~225 words per page)
File: ME12_PGiso310.rtf
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Unformatted sample text from the term paper:
2009. The new standard provides a set of guidelines and incorporates principles, framework and process. As with all risk standards, risk is defined as the "effect of uncertainty on objectives"
(Praxiom Research Group Limited 2010). The effect will be either a positive or a negative deviation from what the organization expects to achieve. In this uncertain world, there are many
things that can go wrong when attempting to achieve an objective, which means that there is risk with every step in the plan or process. That risk needs to be
managed (Praxiom Research Group Limited 2010). ISO 310000 provides a generic standard that can be used in any industry or in any size business. It can also be used
with most types of objectives and even with decision-making, managing processes, projects, services, functions, operations, and so on (Praxiom Research Group Limited 2010). There are eleven principles risk management included
in this standard. For example, risk management: should create and protect value; should be an integral part of all processes; should be part of the decision making process; should be
used to deal with uncertainty; should be structures; should be based on the best information available (Praxiom Research Group Limited, 2010). The risk management process under ISO 31000
is an interdependent open process that includes identifying, analyzing and evaluating the risks to the organization; formulating a treatment plan, monitoring and reviewing the process and communicating with all stakeholders
(Praxiom Research Group Limited 2010). Incident Investigation An incident is any unplanned and undesired event that negatively affects the organizations operations. These could include employee injuries, equipment failure, property
damage due to any number of causes, chemical spills, illness and other things that will impeded the operations (Rochester Institute of Technology 2010). Every incident needs to be investigated to
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