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ISO enhances risk management standard

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A risk management standard has been overhauled amid threats to reputations and brands from cyber crime, political risk, terrorism and other sources, the International Organisation of Standardisation (ISO) says.

The clearer, shorter and more concise version of ISO 31000 Risk Management – Guidelines has reviewed the principles of risk management and includes a focus on leadership. The standard places a greater emphasis on creating and protecting value and features principles such as continual improvement and consideration of human and cultural factors.

“The revised version of ISO 31000 focuses on the integration with the organisation and the role of leaders and their responsibility,” technical committee chairman Jason Brown said.

“Risk practitioners are often at the margins of organisational management and this emphasis will help them demonstrate that risk management is an integral part of business.”

Risk is defined as the “effect of uncertainty on objectives”.