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ISO
Published: Monday, November 30, 2009 - 16:40
(ISO: Geneva) -- A new international standard, ISO 31000:2009—“Risk management—Principles and guidelines,” will help organizations of all types and sizes to manage risk effectively.
ISO 31000 provides principles, framework, and a process for managing any form of risk in a transparent, systematic, and credible manner within any scope or context.
(ISO: Geneva) -- A new international standard, ISO 31000:2009—“Risk management—Principles and guidelines,” will help organizations of all types and sizes to manage risk effectively.
ISO 31000 provides principles, framework, and a process for managing any form of risk in a transparent, systematic, and credible manner within any scope or context.
At the same time, ISO is publishing ISO Guide 73:2009—“Risk management vocabulary,” which complements ISO 31000 by providing a collection of terms and definitions relating to the risk management.
“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,” explains Kevin W. Knight, chair of the ISO working group that developed the standard.
“In fact, 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,” continues Knight.
The standard recommends that organizations develop, implement, and continuously improve a risk management framework as an integral component of their management system.
“ISO 31000 is a practical document that seeks to assist organizations in developing their own approach to the management of risk,” says Knight. “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 is designed to help organizations:
ISO 31000 and ISO Guide 73 can be applied to any public, private, or community enterprise, association, group, or individual. The documents will be useful to:
Both documents were developed by the ISO working group on risk management.
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Complemented with risk management vocabulary guide
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