RIMS, the risk management society, has thrown its weight behind this year's update of the ISO 31000 standard.
With the publication of the revised standard in February 2018, national standards bodies around the world are now in the process of considering whether to adopt it as their national risk management standard.
“As a member of the US Technical Advisory Group (US TAG), RIMS supports US adoption of ISO 31000:2018 as an American risk management standard. As a global society, RIMS encourages countries around the world to adopt the ISO 31000:2018 as their respective risk management national standard,” said RIMS in a statement last week.
A few of the most notable revisions to ISO 31000:2018 include:
- Simplifying language and avoiding jargon to aid user understanding;
- Emphasizing the need to customize the proposed guidance to suit the organization’s established risk management principles, processes and frameworks;
- Stressing the importance of integrating risk management into governance and decision-making processes;
- Incorporating risk management into strategic, operational, program and project levels objectives to create as well as protect value.
RIMS has published a report, 'A User’s Perspective on Revisions to the ISO 31000 Standard and the COSO Enterprise Risk Management (ERM) Framework' about the revisions to the ISO standard, as well as changes to the COSO ERM Framework, another popular risk management framework globally.
“The revised ISO: 31000:2018 reflects the evolution of risk management over the past decade from a separate, at times, departmentalised, activity to an integrated management competency,” said RIMS Vice President of Strategic Initiatives Carol Fox.
“The international standard emphasises risk management’s ability to positively impact day-to-day activities, as well as strategic decision-making throughout the organisation’s value chain. RIMS proudly supports these updates and looks forward to continuing its collaborative relationship with ISO standards development and ANSI’s US TAGs.”
Ms Fox also noted that risk management professionals will find that the revisions in the ISO 31000 standard and the 2017 COSO ERM Framework complement each other.
“We encourage organisations to use both of these important guidance documents, along with the RIMS Risk Maturity Model, to advance their risk management competencies,” she said.
The ISO 31000 is one of the most widely-used guidance documents address. RIMS members had collaborated and delivered feedback to the International Organization for Standardization (ISO) through its membership in the American National Standards Institute’s US Technical Advisory Group (US TAG) to help shape the current iteration of ISO 31000:2018. ISO standards come up for revision about once every five years, and the ISO had started the revision process of the erstwhile ISO 31000:2009 back in 2015.