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ISO 31000 is a family of international standards relating to risk management codified by the International Organization for Standardization. [1] The standard is intended to provide a consistent vocabulary and methodology for assessing and managing risk, resolving the historic ambiguities and differences in the ways risk are described.
Risk assessment determines possible mishaps, their likelihood and consequences, and the tolerances for such events. [1] The results of this process may be expressed in a quantitative or qualitative fashion. Risk assessment is an inherent part of a broader risk management strategy to help reduce any potential risk-related consequences. [1] [2]
Risk is the lack of certainty about the outcome of making a particular choice. Statistically, the level of downside risk can be calculated as the product of the probability that harm occurs (e.g., that an accident happens) multiplied by the severity of that harm (i.e., the average amount of harm or more conservatively the maximum credible amount of harm).
risk assessment (risk identification, risk analysis, risk evaluation) risk treatment; monitoring and review "Risk assessment is the overall process of risk identification, risk analysis and risk evaluation" (ISO 31010) Risk can be assessed at any level of the company’s operations or goals.
The contents of this white paper and the FAIR framework itself are released under the Creative Commons Attribution-Noncommercial-Share Alike 2.5 license. The document first defines what risk is. The Risk and Risk Analysis section discusses risk concepts and some of the realities surrounding risk analysis and probabilities.
The result is a monetary value in the same unit as the single-loss expectancy is expressed (euros, dollars, yens, etc.): exposure factor is the subjective, potential percentage of loss to a specific asset if a specific threat is realized. The exposure factor is a subjective value that the person assessing risk must define.
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In the context of operational risk, the standardized approach or standardised approach is a set of operational risk measurement techniques proposed under Basel II capital adequacy rules for banking institutions. Basel II requires all banking institutions to set aside capital for operational risk.
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