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