ISO 31000 Risk Management Principles and Guidelines

November - December 2009 Issue

by Diana Del Bel Belluz

In November, I was delighted to receive an email from Kevin Knight of Australia announcing that the International Organization for Standardization (ISO) has officially released both guidelines on risk management and an update on its earlier risk management terminology. Both ISO 31000:2009 - Risk management - Principles and guidelinesand ISO Guide 73:2009Risk management - Vocabularyare now official publications of ISO as of 15th November 2009.

ISO 31000:2009 is not, strictly speaking, a ‘standard’. Rather it provides principles and generic guidelines on risk management that can be used by any public, private or community enterprise, association, or group to design and implement risk management plans and frameworks that take into account their organization’s specific needs. The guidelines can be applied to an organization’s particular context, including its mandate, objectives, business environment and specific practices employed. ISO 31000:2009 can be applied throughout the life of an organization, and to a wide range of activities, including strategies and decisions, operations, processes, functions, projects, products, services and assets. And it does all this in an ultra-concise 24 pages!

Many thanks to Kevin who chaired the ISO Working Group on Risk Management. These publications are the culmination of four years of active participation by a dedicated group of risk management practitioners and draw on experience and insights of organizations from around the world.

The ISO publications represent the worldwide state-of-the-art in risk management knowledge and practices. Anyone with accountability for managing risks that can affect their organization’s performance would be wise to consult and apply these guidelines. Both documents are available for purchase from the International Organization for Standardization

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Diana's Pick

The Neuroscience of Enterprise Risk Management (written by Diana Del Bel Belluz of Risk Wise) expores findings from the field of neuroscience and shares practical tips on how to apply them to enhance individuals' risk management thinking and implement brain-friendly ERM practices in organizations.

The article was published by The Conference Board of Canada in the Autumn 2017 issue of the journal Risk Watch.