See on Scoop.it – Tate – Law, Liability, Risk Management, Governance, D&O and Business
Complete ISO 31000 2009 risk management dictionary. All ISO 31000 risk management definitions translated into plain English.
As I don’t like the COSO risk appetite / risk tolerance approach, I thought that I would see how ISO 31000 approaches these issues. Better, perhaps, but not much. These approaches might be fine when addressing the possibility that a product or a part in a product might fail in a limited or acceptable number of instances or products resulting in non-serious or non-catastrophic injuries or damages. The evaluation is different, however, when the consequences can be or are serious or catastrophic. Suggesting to the public or a jury that even a slight chance of serious or catastrophic injuries or damages is problematic, of course.
See on praxiom.com