Airmic welcome updated risk management standard

Airmic has warmly welcomed the revised and updated version of international risk management standard, ISO 31000: 2018, which was published yesterday after a long period of consultation. The new version is shorter than its predecessor and has been updated to take into account changes to the way business works.

The standard, known as Risk Management Principles and Guidelines, sets out the framework for best practice with a supporting taxonomy. Although neither compulsory nor prescriptive, it has been one of the most well used of all the international standards.

“The revised standard promises to be as important and influential as the original version,” said Airmic deputy CEO Julia Graham. “It is sharper and easy to follow and ensures that the standard remains relevant in our rapidly changing world.”

Graham and board member Fiona Davidge represented Airmic during the drafting process.  With the support of Marsh, Airmic has already updated its EXPLAINED Risk and Managing Risk Guide to reflect this revised version of ISO 31000. The updated Guide will be published shortly and discussed in a workshop at the Airmic annual conference in June to be delivered by Marsh and the British Standards Institution.

Footnote:

ISO 31000 is applicable to all organizations, regardless of type, size, activities and location, and covers all types of risk.  It was developed by a range of stakeholders and is intended for use by anyone who manages risks, not just professional risk managers.

For further information, please contact Mark Baylis, +44(0)7775 693994, mark.baylis@airmic.com

For information from ISO, please go to https://www.iso.org/publication/PUB100426.html