The Australian Risk Management Standard AS ISO 31000:2018 Risk management –
guidelines states that the purpose of risk management is the creation and protection of
value. It improves performance, encourages innovation and supports the achievement of
objectives.
It then lists a number of principles of risk management, which are aimed at providing
guidance on the characteristics of effective and efficient risk management,
communicating its value and explaining its intention and purpose. It states that these
principles are the foundation for managing risk and should be considered when
establishing the organization’s risk management framework and processes, and should
enable an organisation to manage the effects of uncertainty on its objectives.
The Standard then discuss how these principles lead into a framework centred around
leadership and how both the principles and framework for risk management result in a
number of process which involve the systematic application of polices applications,
procedure and practices to a set of activities.
Your task
Choose one of the following (of your choice):
• An engineering, technological or build environmental project
• An engineering, technological or built environment process.
a. Using the project or process that you have selected to support your discussion,
discuss, in about 800 to 1000 words, how you would apply the principles of risk
management discussed in AS ISO 31000can assist you to manage the potential
impact of at least three (3) uncertainties you expect to encounter in the delivery of
your selected project or process.
b. Provide a set of recommendations, based on the above discussion, to effectively
manage these uncertainties.

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