The complexity of the management of companies has convinced the associations which deal with Risk Management to create standard processes aimed at a clearer formalization of the functions of Risk Management, of its procedures and therefore of the definition of the roles of the parties participating in it.
The main European and international associations dealing with Risk Management have focused on the realization of common guide lines for Risk Management and the identification of standard processes.
Strategica Group uses as a standard the ISO31000 (“Risk Management. Principles and Guidelines”, 2009), in which four main phases of the process of risk management are identified:
Identification of the risks
Description of risk
Represent in a structured form the risks identified.
Estimate of risk
Quantative, semi quantative or qualitative estimate of the cartaristic elements of the risk; probability and severity
Valuation of risk
Comparison between the estimate of the risk and the standard determined by the organisation with the objective of defining the importance of the risks for the organisation and for acceptance or else of each specific risk
Dealing with the risk
The process of selection and putting into effect measures (control, reduction, elimination, transfer, financing, etc.) which will modify the risk in it's various elements