The University of SydneyPage 19AS/NZS ISO 31000 –Risk Management StandardPrinciples of Risk ManagementRisk management :–creates and protects value–is an integral part of all organisational processes–is a part for decision making–explicitly addresses uncertainty–is systematic, structured and timely–is based on the best available information–is tailored–takes human and cultural factors into account–is transparent and inclusive–is dynamic, iterative and responsive to change–facilitates continual improvement of the organisation