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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.
A risk management information system ( RMIS) is an information system that assists in consolidating property values, claims, policy, and exposure information and providing the tracking and management reporting capabilities to enable the user to monitor and control the overall cost of risk management.
A safety management system (SMS) is a management system designed to manage occupational safety and health risks in the workplace. If the system contains elements elements of management of longer-term health impacts and occupational disease, it may be referred to as a safety and health management system (SHMS) or health and safety management ...
Overview. Governance, risk management, and compliance are three related facets that aim to assure an organization reliably achieves objectives, addresses uncertainty and acts with integrity. [6] Governance is the combination of processes established and executed by the directors (or the board of directors) that are reflected in the organization ...
Operational risk management ( ORM) is defined as a continual recurring process that includes risk assessment, risk decision making, and the implementation of risk controls, resulting in the acceptance, mitigation, or avoidance of risk. ORM is the oversight of operational risk, including the risk of loss resulting from inadequate or failed ...
The Risk Management Framework (RMF) is a United States federal government guideline, standard and process for risk management to help secure information systems (computers and networks) developed by National Institute of Standards and Technology (NIST). The RMF, illustrated in the diagram to the right, provides a disciplined and structured ...
A safety-critical system [2] or life-critical system is a system whose failure or malfunction may result in one (or more) of the following outcomes: [3] [4] death or serious injury to people; loss or severe damage to equipment/property; environmental harm
IT risk management is the application of risk management methods to information technology in order to manage IT risk, i.e.: The business risk associated with the use, ownership, operation, involvement, influence and adoption of IT within an enterprise or organization. An IT risk management system (ITRMS) can be considered a subcomponent of a ...
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