Question 1 (20 marks)
a) Identify the criteria that should be used to select a risk management standard and select and explain why you have selected this specific standard.
Answer: Risk Management standard are often used as voluntarily.
ISO 31000
This has more generic approach to risk management to any industry and consist of 3 basic parts – Principles, Framework and Processes
b) Describe the monitoring phase of the ISO 31000 risk management standard and explain the benefits using a minimum of (2) two examples.
Answer: ISO 31000 i
c) Identify and briefly describe each of the five components in the COSO Enterprise Risk Management – Integrating with Strategy and Performance Framework as well as provide an example for each.
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