ISO 31000:2009 now available

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.

Kevin Knight, chair of the ISO working group that developed the standard states:

“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.”

“In fact,” he continued “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.”

ISO 31000:2009, and ISO Guide 73:2009 are available from ISO national member institutes or can be obtained directly from the ISO Central Secretariat, price 112 Swiss francs and 86 Swiss francs respectively.

•Date: 19th Nov 2009• Region: World •Type: Article •Topic: Operational risk
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