Which is NOT one of the eight risk management principles outlined in ISO 31000:2018?

The principle that is NOT part of the eight risk management principles outlined in ISO 31000:2018 is related to the management of control expenses. The ISO 31000 standard emphasizes a structured approach to managing risks and is primarily focused on the processes and principles that lead to effective risk management rather than specific financial controls or cost management strategies.

The eight risk management principles in ISO 31000 include the importance of leadership, which provides the necessary support to embed risk management within the organization. Human and culture factors are essential as they influence how risk management is perceived and integrated into daily operations. Continuous improvement ensures that risk management practices evolve and adapt over time for effectiveness.

While organizations may certainly prioritize controlling expenses as part of their broader financial management strategies, this concept does not directly align with the fundamental principles of risk management as defined by ISO 31000. In essence, risk management is about identifying, assessing, and mitigating risks, which can involve cost considerations, but it is not defined by control of expenses alone.