ISO 31000's Risk Classification System
Risk is regard as the one of the factors affecting on business. The standard ISO 31000 has defined risk as “effect of uncertainty on objectives”, referring the consequence in both negative and/or positive sides (ISO 9001:2015). Therefore, risk is possible to derive from various unpredictable sources. In order to analysis and treat different type of risk, ISO guide 73 has divided risk into three following categories:
• Hazard (or pure) risks;
• Control (or uncertainty) risks;
• Opportunity (or speculative) risks
An organization is considered to be with the possibility to face those three kinds of risks. It is obviously different type of risk can result in varying outputs. The risk classification system is hence helpful for an organization to manage risks.
Hazard risk is regarded as the risk
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One of the famous tools is 4Ts “Tolerate, treat, transfer and terminate” (Hopkin 2010), demonstrated in Figure 8. This technique uses firstly a matrix to classify risks with respects of its resulting impact and occurrence likelihood into four zones. Organization can tolerate the risks with less impact and likelihood and take only detective actions. More likely occurrence risks are suggested with corrective methods. While for those hazards with higher effect, they are more likely transferred and prevented.
Therefore, risk management provides company a systematic and comprehensive approach to handle uncertainty. It operates as one part of management system in organization. The associated standards and techniques play vital roles in various industry areas of organization to apply for achieve effective risk management. Moreover, an efficient risk management system help organization to shorten down hazards from uncertainty and transfer risks into potential opportunities in business. Figure 8 Risk control technique (Hopkin
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