Preliminary review template required for all new projects except standard transitions. Stakeholder consultation and SDG assessment documentation needed. Programme of Activities must document stakeholder consultation process
Risk is the possibility of something bad happening. ISO 31000 defines risk as effect of uncertainty on objectives. Risk differs across different practice areas like business, finance, health
Risk assessment determines possible mishaps, likelihood, consequences and tolerances. Results can be expressed quantitatively or qualitatively. Risk assessment is part of broader risk management strategy
Monte Carlo simulation models uncertain outcomes using random variables. Developed by Stanislaw Ulam and John Von Neumann during Manhattan Project. Named after Monaco gambling destination due to random nature
Safety critical equipment is any component that could cause hazardous situations or accidents. ISM Code requires companies to assess and manage risks related to HSSE. Classification Societies have replaced specific spare parts requirements with guidance
Risk assessment determines likelihood of loss on assets, loans, or investments. Helps evaluate investment worthiness and mitigation processes. Companies, governments, and investors conduct assessments before projects