Australia, NZ inspire new global risk standard
The first-ever international risk management standard will be enacted in October, following four years’ work by experts from 28 countries and lots of influence from Australia and NZ.
Risk Management Institution of Australasia director Kevin Knight, who convened the International Organisation for Standardisation working group, says something had to be done to regularise the industry’s risk measurements.
“We had different terms, different processes and different definitions,” Mr Knight told insuranceNEWS.com.au. “It was a scandal just waiting to happen.”
The new ISO 31000:2009 standard draws heavily from the Australian/NZ standard that he says has become the de facto global standard.
Targeted mainly at multinational risk managers, it sets out principles, a framework and a process for the management of risk in any type of organisation.
Brisbane-based Mr Knight says the new standard provides guidelines only and is not intended for certification.
Risk Management Institution of Australasia director Kevin Knight, who convened the International Organisation for Standardisation working group, says something had to be done to regularise the industry’s risk measurements.
“We had different terms, different processes and different definitions,” Mr Knight told insuranceNEWS.com.au. “It was a scandal just waiting to happen.”
The new ISO 31000:2009 standard draws heavily from the Australian/NZ standard that he says has become the de facto global standard.
Targeted mainly at multinational risk managers, it sets out principles, a framework and a process for the management of risk in any type of organisation.
Brisbane-based Mr Knight says the new standard provides guidelines only and is not intended for certification.