Director, Paladin Risk Management Services
There is considerable confusion in the risk world in relation to terms such as risk appetite, risk tolerance, risk acceptance, risk threshold and risk attitude (just to name a few). These are defined differently by organisations and there is no guidance in ISO 31000 that clarifies this, so the confusion becomes a distraction.
No matter what it is called – all organisations need to specify the parameters within which they are going to manage their risks. In order to do this there a number of fundamental questions that you need answered.
READ MORE »