January 2010 - Zurich, Switzerland: The International Organization for Standardization released ISO 31000, a new new international standard that provides guidelines for the implementation of effective risk management. Largely based upon the widely used AS/NZS 4360 standard, it provides 11 principles for risk management and guidance on developing a risk management framework. An important advantage of ISO 31000 is that it is a universal standard, applicable to all types of organisation - the first true international guidelines for risk management.

The standard defines risk as "the effect of uncertainty on objectives" and makes clear that risk has positive or negative impacts. Management of risk is therefore directly related to an organisation's ability to achieve its ultimate objectives.

Dr. Patrick Wegmann of Avanon says, "It is exciting to see that the new international standard now has more visibility. We are pleased to have already begun implementation at one of our major clients."

ISO 31000 presents an opportunity for organisational improvements. Successfully implementation delivers effective risk management. Principle 11 is particularly important as it relates to continual improvement in quality of the organisation.

 

 

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