A Risk Management Guide

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This Risk Management Guide was originally presented as a Standard, developed by a team drawn from major risk management organisations in the UK, including Airmic, ALARM, and the Institute of Risk Management (IRM), and adopted by the Federation of European Risk Management Associations (FERMA). It has since been revised and updated in line with current thinking. The original team had sought the views and opinions of a wide range of other professional bodies with interests in risk management, during an extensive period of consultation.

Risk management continues to be a rapidly developing discipline and there are many and varied views and descriptions of what risk management involves, how it
should be conducted and what it is for. Some form of guides and standards are needed to ensure that there is an agreed:

• terminology related to the words used
• process by which risk management can be carried out
• organisation structure for risk management
• objective for risk management.

Importantly, this guide recognises that risk has both an upside and a downside. International and national standards have come a long way in recent years, and this document aims to reflect that.