Risk management is systematic, structured, and timely.

The statement is true as it aligns directly with the principles of risk management outlined in ISO 31000. The standard emphasizes that risk management must be a methodical and organized process. The principle of being "Structured and comprehensive" ensures that the approach contributes to consistent and comparable results, which is inherently systematic. Additionally, the principle that risk management is "Dynamic" requires that it responds to internal and external changes in a "timely manner." A systematic and structured approach is a prerequisite for achieving this timeliness and maintaining the relevance of risk management activities.

B. False: This is incorrect. The attributes listed are foundational characteristics of effective risk management as defined by the ISO 31000 standard, ensuring consistency, comparability, and relevance.

1. International Organization for Standardization (ISO). (2018). ISO 31000:2018 Risk management — Guidelines.

Clause 4, Principle b): "Structured and comprehensive — A structured and comprehensive approach to risk management contributes to consistent and comparable results." This supports the "systematic" and "structured" aspects.

Clause 4, Principle e): "Dynamic — Risk management anticipates, detects, acknowledges and responds to those changes and events in an appropriate and timely manner." This directly supports the "timely" aspect.

2. Lalonde, C., & Boiral, O. (2012). Managing risks through ISO 31000: A critical analysis. Risk Management, 14(4), 272-300. https://doi.org/10.1057/rm.2012.13

Page 276: The article discusses the principles of ISO 31000, noting that the systematic and structured nature of the framework is a key element for its successful implementation and for achieving credible outcomes.

3. Leitch, M. (2010). ISO 31000:2009—The new international standard for risk management. Risk Analysis: An International Journal, 30(6), 887-892. https://doi.org/10.1111/j.1539-6924.2010.01426.x

Page 889, Table I: This article, analyzing the foundational principles, explicitly lists "Systematic, structured, and timely" as a core principle of the standard, highlighting its importance for contributing to efficiency and the credibility of results. (Note: This was an explicit principle in the 2009 version and its concepts are retained in the 2018 version).