ISO 31000 Lead Risk Manager study guide
ISO 31000 Lead Risk Manager · Work through your exam, one topic at a time.
The PECB Certified ISO 31000 Lead Risk Manager is a professional credential issued by PECB for people who lead or support risk management work built on the ISO 31000 guidelines. The training course behind it runs five days: the first four cover the principles and framework of risk management, initiating the risk management process, risk analysis, evaluation and treatment, and then recording, reporting, monitoring, review, and communication and consultation. The ISO 31000 Lead Risk Manager study guide has 5 sections and about 1,858 words.
01Fundamental Principles and Concepts of Risk Management
This domain tests whether you can use ISO 31000:2018 vocabulary precisely and apply the eight principles that separate risk management from ad hoc problem solving. Risk is the effect of uncertainty on objectives , and that effect can be positive, negative or both; it is described in terms of consequences and likelihood.
402 words, about 2 min02Establishment of the Risk Management Framework
This domain tests clause 5: how an organisation builds the arrangements that make risk management part of normal work rather than a side project. The framework has six components: leadership and commitment, integration, design, implementation, evaluation, improvement .
346 words, about 2 min03Initiation of the Risk Management Process and Risk Assessment
This domain tests whether you can set up the process correctly and move from identification through analysis to evaluation without skipping a step. Communication and consultation is a transversal activity, not a first step that finishes.
377 words, about 2 min04Risk Treatment, Risk Recording and Reporting
This domain tests whether you can turn an evaluation into a defensible, owned and documented action plan, and record and report it so decisions are traceable. Treatment options include avoiding the risk, taking or increasing the risk to pursue an opportunity, removing the risk source, changing likelihood, changing consequence, sharing the risk (contracts, insurance, partnerships), and retaining the risk by informed decision.
373 words, about 2 min05Risk Monitoring, Review, Communication and Consultation
This domain tests the two transversal activities: the loop that keeps the process honest and the dialogue that keeps it relevant. Monitoring is continuous checking and observation; review is periodic examination of whether the process, criteria and framework remain suitable and effective.
360 words, about 2 min