Applying ISO 31000, which of the following is part of the external context for risk management?

Applying ISO 31000, which of the following is part of the external context for risk management?
A . Risk treatment method based on risk evaluation.
B . Organizational culture, objectives, and processes.
C . The regulatory and competitive environment
D . The method of determining the risk level.

View Answer

Answer: C

Explanation:

ISO 31000 outlines risk management principles and guidelines, including the consideration of external context in the risk management process. The external context refers to the environment in which the organization operates. This includes, but is not limited to, cultural, social, political, legal, regulatory, financial, technological, economic, and competitive environments, both international and national. Therefore, option C, "The regulatory and competitive environment," is part of the external context for risk management according to ISO 31000.

Reference: ISO 31000:2018, Risk management – Guidelines