5.3.4 ESTABLISH THE CONTEXT OF THE RISK MANAGEMENT PROCESS • Establish the unique context of the risk management process. • Adopt a risk management approach that is appropriate to the circumstances and consistent with the context. • Identify the organizational areas or parts that will participate in the risk management process and make sure to organization understands what they do and how they do it. • Clarify how each specific risk management process or activity should be organized and managed. • Define the goals and objectives of the risk management activities and projects the organization intend to carry out. • Define the resources that the risk management activities and projects will need. • Define the risk management responsibilities and authorities of all process participants. • Define the focus of each risk management project including where and when it will be carried out. • Define the decisions that will need to be made as the organization carry out each risk management process. • Define the risk assessment methodologies that the organization intend to use for each risk management process or project. • Define how the risk management process is related to the organization’s other processes. • Define the studies that the organization intend to carry out to support each risk management process.
• Define how risk management process performance and effectiveness will be evaluated. • Define the records that each risk management process or activity should maintain.
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