ISO has announced that ISO 31000:2009, the new international
standard for risk
management, has been published.


Entitled ‘ISO 31000:2009, Risk management –  Principles and
guidelines’, the standard provides principles, framework and a process for
managing any form of risk in a transparent, systematic and credible manner
within any scope or context.


The standard recommends that organizations develop, implement
and continuously improve a risk management framework as an integral component of
their management system.


At the same time, ISO has published ‘ISO Guide 73:2009, Risk
management vocabulary’, which complements ISO 31000 by providing a collection of
terms and definitions relating to the management of risk.


All organizations, no matter how big or small, face internal and
external factors that create uncertainty on whether they will be able to achieve
their objectives. The effect of this uncertainty is risk and it is inherent in
all activities. It can be argued that the global financial crisis resulted from
the failure of boards and executive management to effectively manage risk. ISO
31000 is expected to help industry and commerce, public and private, to
confidently emerge from the crisis.


ISO 31000 is a practical document that seeks to assist
organizations in developing their own approach to the management of risk. But
this is not a standard that organizations can seek certification to. By
implementing ISO 31000, organizations can compare their risk management
practices with an internationally recognized benchmark, providing sound
principles for effective management. ISO Guide 73 will further ensure that all
organizations are on the same page when talking about risk.

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