A3_team#_group: 5CM4.docx

TEAM MEMBERS:

• Olivares Escobar Marijose 100%
• Martínez Hernández Marco Antonio 100%
• Nava Diego Victoria 100%

• Gallardo Osorio Martha Soledad 100%

Matter: English ComplementWhat is Risk Management and Why is it important?Teacher: María Belén Vázquez Conde Group: 5cm4 Sunday,September 8th, 2024

Instituto Politécnico NacionalEscuela Superior de Comercio y Administración Santo Tomas

What is Risk Management

Mes, 202X

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Risk Management

Risk management is the process of identifying, assessing and controlling threats to an organization's capital, earnings and operations.

The definition of risk is:“Set of external and/or internal factors that enable the occurrence of a negative event that can alter the development of a process, its components being threat and vulnerability in a harmful degree of exposure” (Castañeda, 2016, p. 4)

What is Risk Management

Why is it important?

Risk Management

Is important because it helps identifying, assessing and controlling threats to an organization's capital and earnings.

These processes in the Orginization are for identifying and controlling threats to digital assets, like corporate data, personally identifiable information and intellectual property.

All strategies should answer questions like

What can go wrong?

How will it affect the organization?

How will we pay for it?

What can be done?

Risk management standards and frameworks

The rigorously developed and evolving frameworks developed by the risk management field can help. COSO ERM framework. Launched in 2004, the COSO framework was updated in 2017 to address the increasing complexity of ERM and highlight the importance of embedding risk considerations into business strategies and linking risk management and operational performance.ISO 31000. Released in 2009 and revised in 2018, the ISO standard includes a list of ERM principles, a framework to help organizations apply risk management mechanisms to operations, and the process detailed above for identifying, evaluating and mitigating risks.

Bibliography

• Castañeda, J. (s.f.). GESTIÓN, ADMINISTRACIÓN DE RIESGOS Y MODELOS DE CONTROL INTERNO. (F. U. 2018, Ed.) Obtenido de https://core.ac.uk/download/pdf/326423778.pdf

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