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New ISO standards for effective management of risk
International standards on management systems recognize that these are influenced by an organization’s environment, changes in that environment, and the risks associated with that environment.
ISO 31000:2009, Risk management – Principles and guidelines, is therefore of great relevancy. This standard 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 31000 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. However it cannot lead to certification. By implementing ISO 31000, organizations can compare their risk management practices with an internationally recognized benchmark, providing sound principles for effective management.
Some of the benefits organizations can derive from using ISO 31000 are:
encouraging proactive management
improving the identification of opportunities and threats
establishing a reliable basis for decision making and planning
improving operational effectiveness and efficiency
enhancing quality, health and safety performance, as well as environmental protection
At the same time, ISO is publishing ISO Guide 73:2009, Risk management vocabulary, which complements ISO 31000 by providing terms and definitions relating to the management of risk.
For more information, see the ISO website.
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