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LATEST DEVELOPMENT OF RISK
MANAGEMENT STANDARD
24TH NOVEMBER 2015
Outline
Development of Risk Management Standard
Application of ISO 31000
Limited Review of ISO 31000
Design Specification
AS/NZS 4360 (1995)
ISO set up a working group in
2005
Publication of ISO
31000 on 15th
November 2009
Before standards
Development of Risk Management Standard
Future?
Other ISO MSS Documents
Characteristics of ISO 31000
1. Generic guideline for
risk management
2. Certification not intended
3. Top down approach
4. Directed towards the
objectives and activities of an enterprise or organization
5. Integral part of
management activities
6. The 11 principles
ISO 31000 Risk Management – Principles & Guidelines
Country Experience
Common issues of application and implementation:
Limited Review of ISO 31000
• Reinforce the principles
• Risk as an opportunity
• Risk appetite & Risk tolerancePrinciples
• 31000 in a broader perspective
• Proper oversight
• Measurement for improvement
• Links to performance
Framework
• Risk tolerance/risk appetite
• Risk culture
• Risk maturity checkProcess
• Harmonization of terminology
• Amplification of concepts
• Additional tools and techniquesAnnex A
Rio TC 262o Needs of End-Users
o Structure
o Introduction
o Scope
o Terms and definition: Terminology and language
recommendations
TC 262 to end the limited
revision and go for full revision
TC 262
Design Specification
The reasoning
Not the outcome
Guidance/
informative
Scope descriptions
An appendix
Way forward
National Standard Body to provide feedback
TC 262 to reconcile and
review
Draft ISO 31000:20XX