ISO-31000-CLA Exam Dumps - GAQM: ISO Questions and Answers

Risk management takes human and cultural factors into account1. Human factors include perception, judgment, behavior, and communication that influence risk management. Cultural factors include values, beliefs, norms, and expectations that shape the organization’s risk culture.

A risk management professional advises management on the status of key risks by providing insights into the changing characteristics of a risk3. This helps to monitor and review the effectiveness of risk management activities and communicate any changes in risk levels or priorities.

According to page 9-10 of source 2, risk management professionals organize internal and external information about the organization into categories such as stakeholders, strategic objectives, policies and procedures, risk appetite and tolerance, and risk culture. This categorization process facilitates the analysis and reporting of the risk information at a later stage, making it easier to understand and use.

Chief Risk Officer (CRO) serves as the principal adviser to the CEO, business unit heads, and critical function heads on risk matter. CRO leads the development and implementation of the organization’s risk management framework and process.

 Key risk indicators are metrics that provide information about potential changes in the level of risk exposure3. They can help an organisation monitor and manage its risks more effectively. Key control indicators are metrics that measure the performance of internal controls4.