Frameworks for risk management
Taught by Peter Woolley · AI tutor support included
In this lesson, you'll learn the two most widely recognised risk management frameworks—COSO Enterprise Risk Management and ISO 31,000—and understand how to apply them to build robust risk processes in your organisation.
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In this lesson
- 0:01 Introduction to formal risk management frameworks
- 1:01 COSO Enterprise Risk Management framework overview
- 1:31 Five components of the COSO IRM framework
- 2:04 Strategy and objective setting in risk management
- 2:48 Performance monitoring and risk assessment process
- 3:15 Review, revision and feedback mechanisms
- 3:51 Information communication and reporting principles
- 5:04 ISO 31000 as alternative framework
- 5:44 ISO 31000 design principles: PACED approach
- 7:02 ISO 31000 operational principles and continuous improvement
- 8:18 ISO 31000 implementation and monitoring structure
About this lesson
You'll explore the five components of the COSO framework (governance and culture, strategy and objective setting, performance, review and revision, and information communication and reporting) and the eight principles of ISO 31,000, which emphasises proportionate, aligned, comprehensive, and embedded controls. This knowledge is essential for P3 Risk Management and helps you demonstrate exam-ready understanding of how organisations formally structure and embed risk management across all levels of operation.
Duration: 9m
Transcript
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