Risk Management Terminology

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Risk management is the identification, assessment, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events[1] or to maximize the realization of opportunities. Risk management’s objective is to assure uncertainty does not deflect the endeavor from the business goals.

Principles of risk management

The International Organization for Standardization (ISO) identifies the following principles of risk management:

Risk management should:

create value – resources expended to mitigate risk should be less than the consequence of inaction, or (as in value engineering), the gain should exceed the pain

be an integral part of organizational processes

be part of decision making process

explicitly address uncertainty and assumptions

be a systematic and structured process

be based on the best available information

be tailorable

take human factors into account

be transparent and inclusive

be dynamic, iterative and responsive to change

be capable of continual improvement and enhancement

be continually or periodically re-assessed

Risk assessment is the determination of quantitative or qualitative estimate of risk related to a concrete situation and a recognized threat (also called hazard).

For audits performed by an outside audit firm, risk assessment is a crucial stage before accepting an audit engagement. According to ISA315 Understanding the Entity and its Environment and Assessing the Risks of Material Misstatement, "the auditor should perform risk assessment procedures to obtain an understanding of the entity and its environment, including its internal control.