Question: QUESTION 3 [20 Marks] Risk management operates on a set of principles; ISO 31000 includes a detailed account of these principles and how these

QUESTION 3 [20 Marks] "Risk management operates on a set of principles;

QUESTION 3 [20 Marks] "Risk management operates on a set of principles; ISO 31000 includes a detailed account of these principles and how these are essential in managing risks. PACED is considered an approach depicting the principles of risk management that are based on the idea that risk is something that can be identified and controlled" In light of the statement provided, critically discuss the FIVE (5) principles of risk management and how they can be easily applied by organisations.

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