Airmic welcome for updated risk management standard

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

The document 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 association made an active contribution to the process through board member Fiona Davidge and deputy CEO Julia Graham. With the support of Marsh, it is updating its EXPLAINED Risk and Managing Risk Guide to reflect this revised version of ISO 31000, which will be discussed at a workshop at the Airmic annual conference with contributions from Marsh and the British Standards Institution.

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

"The principles underlying ISO 31000 are the same, as there was little appetite for radical change," said Davidge. "However, we have worked hard to simplify the wording and terminology and shortened it. We have also reduced the number of principles and placed greater emphasis on the importance of integrating risk management."

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.

For more information, please visit the ISO website.