The newly released international standard for risk management ought to help the world emerge from the global financial crisis, according to the Brisbane man who oversaw its development.

Kevin Knight, Chairman of the International Organisation for Standardisation working group for ISO 31000:2009 Risk management – Principles and guidelines, says it offers practical help for organisations developing their own approach to risk management.

ISO 31000:2009 is the product of four years’ work by experts from 28 countries, and draws heavily on the Australia and New Zealand standard.

“It can be argued that the global financial crisis resulted from the failure of boards and executive management to effectively manage risk,” Mr Knight said.

“ISO 31000 is expected to help industry and commerce, public and private, to confidently emerge from the crisis.”

Mr Knight says the guide ISO Guide 73:2009 Risk management vocabulary published alongside the standard will help users stay “on the same page” by providing a collection of terms and definitions.