ISO 31000 and Risk Management

BSI expands international dimension to risk management with the adoption of ISO 31000

Thursday, 06 May 2010

Appropriate risk management (RM) lets organizations discover untapped opportunities as well as maintain their current business. There are many tools to achieve this but not many come with the support and development of an international group of experts plus a tailored view for the UK. In March 2010, BSI adopted the international standard ISO 31000 Risk management: Principles and guidelines into BSI’s existing RM portfolio. BS ISO 31000 is useful for all organizations, regardless of type and size. Good RM can lead to: - Improved operational effectiveness and efficiency - Minimization of losses - Improved governance - Improved controls - Improved stakeholder confidence and trust - Establishing a reliable basis for decision making and planning - Encouraging proactive management - Improving the identification of opportunities and threats - Enhanced health and safety performance, as well as environmental protection - Improving organizational learning - Improving organizational resilience. A short briefing is available on the BSI website to find out how BS ISO 31000 can be used alongside the existing risk management standard, BS 31100:2008 Risk management: Code of practice. Tim McGarr, Sector Content Manager for Risk Management at BSI said: "In these challenging times, good risk management is essential for organizations to not only survive, but also to grow their business. The development of standardization in this area at both the national and international level can only help organizations of all sizes flourish." (Source - BSI Product Release)

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