The ISO31000:2018 Risk Management provides guidelines to manage risks faced by organizations. These guidelines provide the principles, the framework, and the process required to manage risks. These aspects of risk management can be personalized according to the organization's needs.

a) Identify the components of risk framework. Provide relevant examples to support your answers.

b) "Risk assessment should be conducted objectively, systematically, repeatedly and collaboratively". Justify the statement by providing reasons for the need for risk management and relevant examples to support your answers.