ISO Risk Management Standards

ISO 31000:2009, issued in November 2009, represents the latest guidelines describing a process-oriented risk management methodology from the International Organization for Standardization (ISO). With a broad scope covering public or private enterprises, as well as an individual or a group, these standards set the rules for identifying and managing unpredictable process events that may result in unexpected outcomes.

Significance

The philosophy promotes raising the awareness of the risks of a project and the severity of the consequences if the risks materialize. Areas that may fall in between work responsibilities that present opportunities for unwanted surprises also move under the risk management umbrella under this philosophy.

Features

The ISO3100 management system aims at mitigating risk or eliminating its impact on companies or individuals' successes. Furthermore, the guidelines explain how to communicate these practices within an organization and how to empower individuals with risk management.

Effects

These standards, efficiently captured in 24 pages, are relevant to many industries because of the generic nature of the rules. They harmonize the risk management practices endorsed in different countries and under different corporate cultures. Unfortunately, as of August 2010, no accreditation firm issues a certificate of compliance to the ISO 3001:2009 because ISO did not intend to issue this publication for formal certification.

References

• International Organization for Standardization: ISO 31000:2009
• Praxiom Research Group Limited: ISO 3100:2009 In Plain English