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Reducing, anticipating and managing risk are all part of the daily grind for organizations that have integrated risk management into their business strategy. That’s why they often turn to ISO 31000 on risk management to support themselves in this task.
ISO standards come up for revision every five years, and ISO 31000, and its accompanying Guide 73 on risk management terminology, are no exception. Launching the revision process, ISO/TC 262/WG 2, the working group responsible for developing core risk management standards, gathered from 3 to 9 March 2015 in Paris – under the auspices of AFNOR, ISO member for France – to discuss the necessary changes to be made to the standard.
ISO 31000 has been adopted as a national standard by more than 50 national standards bodies covering over 70 % of the global population. It has also been adopted by a number of UN agencies and national governments as a basis for developing their own risk-related standards and policies, especially in the areas of disaster risk reduction and the management of disaster risk.
The widespread use of ISO 31000:2009 has prompted a variety of questions to various experts, with national standards bodies and ISO seeking clarification on certain points of the standard. These points, combined with feedback from the national mirror committees, indicated a need to provide greater clarity in some areas.
A need was also expressed by risk practitioners, especially in the G20 economies, for a high-level document that reflects the way risk is managed in multinational organizations and national governments, as well as how risk management should be incorporated into the governance and management systems of organizations.
As it stands, ISO 31000 is a generic guidance document, which has been found to be very useful in developing countries and small to medium-sized enterprises. Yet there is a need for something more substantial than the guidelines contained in Annex A of ISO 31000:2009 to help organizations move further onwards, and that is what ISO/TC 262/WG 2 is currently working on.
