IRM Abbreviations

Question 1

COSO

Question 2

ISO

Question 3

RASP

Question 4

GRC

Question 5

GSR

Question 6

FIRM

Answer 6

The term ‘impact’ is used to define how the event affects the finances, infrastructure, reputation and/or marketplace (FIRM) of the organization.

Question 7

SWOT

Answer 7

This will result in the identification of the strengths, weaknesses, opportunities and threats facing the organization. This is often referred to as a SWOT analysis.

Question 8

STOC

Answer 8

Core processes can be classified as strategic, tactical, operational and compliance (STOC). I

Question 9

4Ps

Answer 9

disruption caused by people, premises, processes and products (4Ps).

Question 10

ALARP

Question 11

IRM LILAC

Answer 11

Thefive indicators of positive safety culturedeveloped are:

Leadership– promoting a positive safety culture

Two-way communication– effective channels for top-down, bottom-up and horizontal communication

Involvement of staff– active employee participation

The existence of a learning culture– lessons learnt, communicated and improvements implemented

The existence of a just culture– movement from a blame culture to one of accountability, with care and concern for employees.

This has given rise to the acronym LILAC: Leadership, Involvement, Learning, Accountability and Communication.