ISO 31000 Risk Management (Module 1 to 5) revision Q & A and PoE related interaction

Added: 2026-05-24

[00:02:00]Hi, good morning everyone.

[00:02:03]Uh welcome to the live session for ISO 31,000.

[00:02:10]Uh the intention today is to gather questions around on the modules that we've covered so far which is your module one up to module um module one up to module five.

[00:02:26]Um if you've got any questions on those modules, please um type your questions in the comment section so that I can be able to compile um an audio that I will share with you uh giving out the answers to the questions that you would have asked. So I'm going to take the questions and I'm going to compile um a structured audio.

[00:02:50]I'm not going to randomly be answering during the session. But if there's anybody that has got answers that feels like they are able to answer any of the questions that anyone is asking out of the group, by all means feel free to do that cuz remember that this is an interactive session and I encourage people to participate. So that will demonstrate also that you are indeed actively learning.

[00:03:16]I have done the same for my track and I'm also doing the same for ISO and I'll also take questions that are related to our portfolio of evidences.

[00:03:29]Uh if there's any question inside the POE that you not sure of that you want us to assist you with by all means uh put it across in our comment section.

[00:03:44]uh this is actually uh to be quite frank it's um more of a of a revision of uh module one up to five. So the remaining modules I will go through them on the 27th prior to us writing our final assessment which is scheduled for the 28th.

[00:04:03]So yes we will go through the remaining modules between I mean rather on the 27th.

[00:04:13]Um, somebody's saying your POE have not been graded. Yes, I am fully aware that POE's have not been graded. Please bear in mind that we have a big turnout of students and um, we are not able to go through all the all the gradings at the same time. So, please exercise patience.

[00:04:32]you will be graded. Um, everyone will be graded by the end of um, you know, um, let me just put it like this like prior to us um, having our final assessment, everybody would have been graded and I've also shared um, a message to say those of you who had submitted POE's and needed those POE to be cleared, uh, we are busy working on it. We've got a high number of requests. H but I have also said please continue sending an your emails to the LMS email address requesting to be cleared. Yes. And please guys also be careful when you submit your POE. Make sure that you are submitting the right thing because you are creating a lot of um administration for us and there is uh quite a lot of you.

[00:05:29]Yes, your POE will be graded.

[00:05:34]So, I am waiting to get questions that I am going to create a an audio for answering them. Uh questions relating to module one up to module 5 what we have covered so far.

[00:05:54]And one of the common questions that I have received from a lot from the my track group is whether I'm going to share the scope with you for the examination. Yes, I am going to share the scope but I am not going to share the scope like right now too early in in the course in the middle of the course.

[00:06:14]I'm only going to share it more towards um the end of the learning closer to to the final assessment. So I was requested to send to share it around the 26th since our final assessment will be the on the 28th. So certainly I will share the scope on the 28th because I feel like if I share the scope now um you know you you're not going to get the benefit that you need to get out of this um course because you the focus will be on the things that I'll be highlighting as uh part of our scope. So yeah, I'm waiting for the questions.

[00:06:58]Remember guys, I'm relying on you to ask me questions so that I can create a structured um audio based on those questions.

[00:07:08]So let me just go through what module 125 covers um so that you can we'll go through it.

[00:07:19]um module by module and see.

[00:07:31]Okay, let me share the screen for the learner guide.

[00:07:44]So there's our ISO 31000 management learner guide.

[00:07:49]And let's go to the index and see what is in module one. Introduction to ISO 31,000 introduction to risk management. So let's go and see and so that I can get questions around that.

[00:08:07]Uh introduction to ISO 31,000. Any questions on this module?

[00:08:17]Definition of a risk effects on uncertainty uh risk versus a hazard and also overview of the ISO 31000 key risk management terminology importance of risk management and we've got that activity and the module still continues beyond that. Um, no. Okay.

[00:08:52]Principles of risk management. Yes. Up to this point I need questions around the introduction uh about the exam.

[00:09:15]Who is this? Elisa. Elisa Porsha Gabini. About exam. When writing, do we have exact time for distant students or everything on the day of the exams? But you can only open it once.

[00:09:34]Um I will confirm with with uh it. But how we normally do it um the exam opens up for the for the for the duration of the day and you are able to access it whenever you want to but it is timed. It is 120 minutes. It is um 2 hours out of 100 marks. So you will have access to the exam for the duration of an hour. I mean sorry for the duration of the two hours but you cannot go out of the examination and come back again. So if you open up the exam you must know that you're going to start writing up until you finish and submit. So you are not able to go in and out and um I want to make sure that I'm answering your question. Yeah, you are not going to be able to go in and out of the examination like that.

[00:10:35]everyone. The exam will be open for everyone on the day, but for I I'm not sure if it will be 8 hours or 24 hours, but it doesn't mean that you've got access to it for the whole duration while it's still open. You only have access up until your time to write lapses. So, if it's 2 hours, you'll only have 2 hours to do the to write the exam.

[00:12:03]Seeing that you are not asking me questions so I will ask you questions.

[00:12:06]What is a risk? Can anyone just answer this question?

[00:12:17]Yes, our exam is on the 28th.

[00:12:22]It is on the 28th.

[00:12:25]Can anyone answer the question, what is a risk? Please type on the comment section.

[00:12:32]Guys, let us be interactive. I know it's a Saturday. Some of us want to go for shopping and all of that, but we have committed to the learning. So, please let us do a little bit of justice while we are still together.

[00:12:46]I want to make sure that we are moving together.

[00:13:01]The pass mark is not 100. It's 60%.

[00:13:05]It's not 100, it's 60%. Your POE's constitute uh 20%, they contribute towards 20% of um the final mark.

[00:13:44]Thank you so much.

[00:13:49]Thank you so much. The risk risk is the effect of uncertainty to on objectives.

[00:13:55]Thank you so much. And what is residual risk risk is a chance that something unexpected could happen and um stop you from reaching your goals. Certainly this is um in your own words which is great.

[00:14:22]This is what I always encourage that people uh when we define or when we um you know answer questions we it should be based on our own understanding. So yes, Ter, your explanation is of a risk is very clear and it demonstrates a good understanding of what a risk is.

[00:14:43]And Elizabeth Elisa Porschia, uncertain event that could have positive or negative impact on an organization. Yes, an uncertain event that can impact the organization either positively or negatively.

[00:15:01]That is our definition of a risk.

[00:15:47]Um, risk is a chance that an unexpected that something unexpected could happen and stop you from reaching your goals. And um residual risk is the risk that remains after you have applied risk treatment.

[00:16:04]That is correct. Uh Sharin my money. Yes. After control measures, the remaining risk, it is what we call your residual risk. Residual risk is a level of risk that remains after control measures have been applied to the to reduce the risk. Yes, that is true. Procedual risk is the risk remaining after controls have been applied.

[00:16:29]Correct. And risk meaning after the risk that remains after controls have been applied. Thank you.

[00:16:39]I have now decided to ask questions cuz you guys are the you are not willing to ask me anything.

[00:16:47]So can anyone tell me why is risk management important in a in an organization?

[00:17:05]Why is risk management important?

[00:17:12]The effect of uncertainty to on objectives. Why is it important?

[00:17:50]The residual risk is the risk remaining after risk risk treatment. That's correct. Why is the is risk management important in an organization?

[00:18:43]Guys, do you have answers?

[00:18:46]Why is risk management important in an organization? Why do we have to manage risks?

[00:19:35]Why is risk management important? Grass management so important in an organization. Reason being it prevents um the answer is gone. It has been retracted. Okay. To prevent incidents and injuries. That's true. It helps us make better decisions by understanding what could go wrong. Yes.

[00:20:05]Yes. Uh risk management is important because um every organization operates with uncertainty. If you don't manage it uh deliberately, uncertainty manages you and risk management gives decision makers a clear picture of a clear picture of what?

[00:20:28]Um the answer isn't complete. Yeah.

[00:20:32]And then risk management is important in the organization to prevent uncertainty that may occur in organizations.

[00:20:40]That is true. And it will also protect your organization from financial losses that can that will result from those un uh that those uncertainties.

[00:20:56]Do you think it also improves decision making?

[00:21:02]Risk management is important in the organization uh to prevent uncertainty that may occur in an organization.

[00:21:11]Uh stops surprises from killing the business to reduce uncertainty to improve decision making and support compliance. True compliance is also a big factor and risk management is important because it helps to identify assess and control risks that may affect business objectives and operations.

[00:21:29]Thank you very much.

[00:22:08]Can you please tell me what the are the ISO riskmanagement principles?

[00:22:15]What are the ISO riskmanagement principles?

[00:22:25]And this question is likely to come out guys in the examination. So what are the ISO 31,000 risk management principles?

[00:22:56]We have to manage risks in an organization to handle challenges and adapt to changes. Yes, integrated. Yes, that is one of the risk management principles according to ISO 31,000. Uh risk appetite is risk appetite one of them I don't think risk appetite is one of them no risk appetite is not one of them uh protects an asset protects assets and resources improves decision making and reduces losses and and disruptions That's correct. Um, this is why risk management is important. Customize. Yes, that is one of the principles of risk uh management according to ISO. And inclusive, yes, integrated. We've got three so far.

[00:23:57]Integrated, customized, inclusive.

[00:24:01]And can you just give me the rest?

[00:24:05]Integrated, customized, inclusive.

[00:24:30]Yes. Uh, sharing my money. Integrated, structured and comprehensive, dynamic, best available information. And yes, that's true. Integrated, structured, and comprehensive, dynamic, best available information.

[00:24:48]and inclusive.

[00:24:51]Thank you.

[00:24:59]Do you have any questions from your side?

[00:25:07]I need to hear questions from your side because I want to compile that Q&A structured Q&A audio for you guys.

[00:25:29]So what is risk transfer and give me an example.

[00:25:38]What is risk transfer?

[00:25:56]Yes. Continual improvement. Yes.

[00:26:02]is one of the risk management principles continual improvement.

[00:26:07]We can move to the next question.

[00:26:11]What is risk transfer?

[00:27:00]Guys, what is risk transfer?

[00:27:04]Okay, if you don't know what it is, just give me an examples of risk transfer.

[00:27:08]Okay, thanks. Uh, label. Risk transfer is moving the responsibility of a risk to another party. For example, buying insurance to cover accidents or fire damage. That is correct. So if you don't want to the company does not want to take responsibility for the risk instead they will transfer it to another party to bear the risk for them. Things like your subcontracting if we don't want to take the risk of uh human resources and uh labor issues uh we can actually transfer the risk by um outsourcing some of the functions. So outsources outsourcing is an example and your insurance cover also is another example. So integrated structured and comprehensive customized inclusive dynamic best available information human and control factors and continual improvement. That is also correct. Those are the risk management principles. And risk transfer is to pass on or transfer the risk to another party. Yes, Scalia, that's right. And risk transfer is it involves transferring the risk to another party. Certainly, that is the answer for risk transfer. Guys, I can see that um you are already preparing yourselves to go to the mall. I'm not getting the benefit that I want to get out of this exercise. I was actually hoping that I would get uh questions uh related to module 1 to5 coming from your end so that I can prepare a Q&A audio or video for you guys.

[00:28:56]Okay. So now it has become me asking you questions. So shifting the financial consequences or responsibility for a risk to another party ensure uh I don't know what this is logistics uh provided where contract states they are responsible for goods damaged in in in transit.

[00:29:20]Okay. Yeah. Yeah. that that liability wavering to say that um you know if uh you are going to be using that contractor to be transporting the goods for you instead of doing it yourselves then they are liable for any damages that can occur during the transit of the goods that is correct sharing my money uh that is the explanation the definition for risk transfer any questions from your guys from your side Um, like I said, I don't want to be the one asking you questions. I want you to be asking questions, not me asking you questions. I'm going to we're going to ask you questions during the final assessment, not now.

[00:30:30]What are the steps involved in risk management?

[00:30:36]Risk management steps.

[00:30:42]What are the steps in risk management?

[00:31:00]Okay, there's a question on a ARP principle.

[00:31:06]I will include that in my audio.

[00:31:11]I will include that one in the audio.

[00:31:13]Remember that I said the questions are for me to compile the audio for you, risk identification, risk analysis.

[00:31:34]Okay, somebody's saying can we go through module four please? Uh no bonga guys I'm not going to go module by module I'm just uh asking questions and getting answers or you asking questions and this is work that we should have covered by now that is the reason why we are having this session not for us for me to deliberate on module on any module so I expected you guys to compile the questions for me to be able to assist you where there is difficulty And as I said when I started, this is an interactive session. Um, if there's anything that's bugging you that you want us to look at, let us do that. And we've got risk identification, risk analysis, risk treatment, risk mitigation.

[00:32:25]And there's one more short.

[00:32:28]There is one step that is missing out of this risk management steps.

[00:32:34]What is the fifth step of risk management?

[00:32:42]Yes, you will be able to get it after this session.

[00:32:47]No problem. Yes, it is recorded. If you want to go back and still go through it, you are by all means more than welcome to to revisit it. Risk evaluation.

[00:33:01]Okay. Uh let me just check. There's something here. Risk identification.

[00:33:06]risk analysis, risk mitigation and risk evaluation.

[00:33:18]Okay.

[00:33:24]Sorry, you saying qualitative and quantitative. What about them? You want me to what do you need about qualitative and quantitative? You want to understand the difference.

[00:33:40]Okay, no problem. I'll make a note of that. I'll make a note and cover that in the audio.

[00:33:47]Ma'am, can you kindly break down the difference between qualitative risk analysis methods providing examples of each? Okay, I will also include that one in the audio and the audio should be ready tomorrow in the afternoon that will be answering all the questions that you're asking. I don't want us to go through these questions one by one or question for question right now in this session.

[00:34:11]I want to to actually uh record a special audio that you will be able to find all the questions and answers in in a structured manner. So, I'm going to uh filter the questions and structure the answers and make an audio on that for you guys.

[00:34:35]I'm sorry I joined the live few minutes after you started. Can I ask if the exam format going to be a multiple choice and write down the answers and upload? Thank you. No, you will not be uploading anything. you will be writing directly inside the LMS. So you will be typing in the answers as you go. So you're not going to go and type and upload.

[00:35:01]Okay. And the structure of the examination I will discuss it with you guys during our next um Q&A session on the remaining modules.

[00:35:13]Okay. What is risk management process?

[00:35:15]That's another question that they want me to cover. How does small companies apply risk management if they don't have a big risk team? A big risk management team. Okay.

[00:35:29]How long is the exam? The exam is going to be 120 minutes long. 2 hours long. Yes. Let me just uh verify. I just want to verify. I don't want to feed you information that is not accurate, but I believe it's going to be 120 minutes long.

[00:36:02]Yes, it is certainly 120 minutes long out of 100 marks.

[00:36:09]Any other questions, guys? Um ma'am can we please help here? Can you explain the objectives of ISO 31,000 with practical examples?

[00:36:19]Okay, they want me to explain the princ the the objectives of ISO 31,000 with a practical example. I will include that in my in my recorded um audio.

[00:36:34]What is the significance of leadership in risk management?

[00:36:39]Okay.

[00:36:41]Uh also ma'am please tell them when they upload it must be in a PDF form because as a word document it can easily be edited.

[00:36:53]Well we won't edit your documents guys but if you want to submit in PDF and some people are not able to convert from word to PDF. I don't know why but we will not be editing your document. But yeah, preferably in PDF format. Dr. Sang, you are right. Um, are we going to give us the exam scope? Yes, I have mentioned that before. I am going to share the scope with you on the 26th.

[00:37:19]And hello, ma'am. We How long will the exam be available for? Will it be will I be able to access it any time on the 28th? Yes, it will be available throughout the day on the 28th. H please remember like I said it will be timed it will be from a specific time I mean for a specific duration. So if your exam is for uh 120 minutes you've got 120 minutes to do to write and finish the exam. So you will not be able to go in and out of the exam. You can't say because it's there for the whole day I'm going to write for 20 minutes then I'm coming back again and and I'm going to continue. So you write once the duration is complete then you submit your examination or somebody's saying they already gave us a scope in the group. I don't know who gave you the scope cuz I haven't shared any scope. I don't know which group you are referring to. I have not yet shared the scope. I will share the scope. Maybe that's for another group.

[00:38:24]Maybe you find that that's for the your mid trend um group or something. I will still share the scope guys don't worry.

[00:38:33]Explain the role of top management in establishing supporting a risk management framework listing at least four responsibilities.

[00:38:45]Okay. What is a risk matrix? Explain how likelihood and consequences are used to determine the risk rating. Guys, we have not yet arrived at this the risk matrix.

[00:38:59]We are only at at the moment I'll only be handling module 1 to5. Any question beyond that? Not at this stage. How is I5 used? Okay.

[00:39:13]Right guys, I think we have almost arrived at the end of the sessions. My purpose here today was just to gather a few questions from you that I can use for my Q&A audio structured audio. I want to call it structured because I don't want it to be anyhow. So explain the term internal context and external context and describe how each influences risk management. Okay.

[00:39:47]All right.

[00:39:49]Thank you very much guys. I also want to go for shopping just like you cuz right now I'm sitting and some of you are maybe in the mall. Where do we write the exam? Cuz others we do distance learning. You will be writing from home. So you'll be writing from the comfort of your own own home. Um Amanda Hello ma'am. Where do we write? Uh, hello ma'am. I have a problem. I have an exam on the 29th. How can I be have to also write? Guys, I said we are writing on the 28th, not the 29th.

[00:40:55]Please keep your eyes on the communication on the group communication the on our WhatsApp groups. We will be writing on the 28th, not the 29th.

[00:41:17]All right, have a lovely weekend everybody.

[00:41:23]Those who just joined us, unfortunately we are done.

[00:41:28]You can go back and listen to the a to to the recording. It is being recorded.