Acroymns Flashcards
RASP
Risk
Architecture, Strategy and Protocols
PACED - essential factors to achieve max benefits
Proportionate, Aligned, Comprehensive, Embedded, Dynamic
PIML
Planning, Implementing, Measuring and Learning
Similar to PDCA
PDCA
Plan, Do, Check, Act
PIML
Plan implement measure learn
STOC
Core processes and activities that encompass whole range of processes in org.
Provides four areas of improvement:
Strategic risks analysed
Tactics (actions you take)
Operations (risks identified in advance)
Compliance
The Source in a bow tie
PACED
Proportionate: based on appropriate level the org faces
Aligned: with other activities in org
Comprehensive: All activities and risks faced
Embedded: into org
Dynamic: responsive to changing environment
FIRM - impact (bow tie) is used to define FIRM of org.
Finances
Infrastructure
Reputation
Marketplace
MADE 2 (main reasons for undertaking risk management initiatives ( a plan or process to achieve something))
Mandatory, Assurance, Decision Making, Effective and Efficient processes
PESTLE
Political, Economic, Social, Technological, Legal and Environmental
4 E’s
Explore, Expand, Exploit and Exist ( opportunities)
4 P’s
People, premises, processes and products
CoCo
Criteria of control.
COSO
Committee of Sponsoring Organisations of the Treadway Commission
LILAC - set of attributes (actions) that should be present in order to achieve successful embedding of ERM in the org.
Leadership Involvement Learning Accountability and Communication
PCDD - controls
Preventive - (terminate)
corrective, ( treat)
directive (transfer)
detective (tolerate)
Explain the P in PCDD
Preventative (terminate) controls
designed to limit the possibility of an undesirable outcome being realised.
Explain the C in PCDD
Corrective ( treat)
designed to limit the scope for loss and reduce any undesirable outcomes that have been realised. They may also provide a route of recourse to achieve some recovery against loss or damage.
Explain the 3rd D in PCDD
Directive (transfer)
designed to ensure that a particular outcome is achieved
they are based on giving directions to people on how to ensure that losses do not occur. They ar important but depend on people following established systems of work.
Explain the 4th D in PCDD
Detective (controls)
designed to identify occasions when undesirable outcomes have been realised. their effect is, by definition ‘after the event’ so they are only appropriate when it is possible to accept that the loss or damage has occurred.
