ISO 31000 RM study guide
ISO 31000 RM · Work through your exam, one topic at a time.
ISO 31000 is the international guideline for managing risk in organizations, and the PECB Certified ISO 31000 Risk Manager credential is designed for people who must turn those guidelines into working practice: managers and consultants responsible for the effective management of risk, individuals responsible for the creation and protection of value, and professionals building a career in risk management. The path starts with a four-day training course whose final day is the certification exam. Days one to three move from the fundamental principles of risk management and the establishment of a risk management framework, through initiation of the risk management process and risk assessment, to risk treatment, recording and reporting, monitoring and review, and communication and consultation - closely mirroring the three competency domains the exam covers. Participants receive more than 300 pages of training material with practical examples, exercises and quizzes, and the in-course quiz structure deliberately mirrors the exam. The ISO 31000 RM study guide has 3 sections and about 965 words.
01Fundamental Principles and Concepts of Risk Management
ISO 31000:2018 defines risk as the effect of uncertainty on objectives , where an effect is a deviation from what is expected and may be positive or negative. Uncertainty is the state of deficient information related to understanding or knowledge of an event, its consequence or likelihood.
334 words, about 2 min02Establishing a Risk Management Framework
The framework (Clause 5) is the set of components that provide the foundations and organizational arrangements for designing, implementing, monitoring, reviewing and continually improving risk management across the organization. The process (Clause 6) is the systematic application of policies, procedures and practices to a specific decision or activity.
324 words, about 2 min03Implementing the Risk Management Process
Communication and consultation (ongoing); scope, context and criteria ; risk assessment - identification, analysis, evaluation; risk treatment ; monitoring and review ; recording and reporting . Communication, consultation, monitoring and review, and recording and reporting run throughout; the core steps are iterative.
307 words, about 2 min