BSI, the business standards company, has produced a report examining how standards support risk managers. Written in conjunction with Airmic – the UK association for risk and insurance professionals – the report describes what standards are and how they’re developed. In particular, it highlights how standards can support risk management procedures within organisations.
Howard Kerr, CEO of the BSI, said: “We know from research that standards make a significant and positive contribution to the success of UK companies. For example, they lead to increased productivity by facilitating innovation, enhancing the quality of products and boosting the efficiency of processes. In addition, they help to promote international trade.”
The recent publication of the revised international standard for risk management, ISO 31000:2018 Risk Management: Guidelines “encouraged Airmic to step back and reflect on how standards can help organisations to excel and how they can support risk managers,” stated Julia Graham, deputy CEO and technical director at Airmic.
The report, entitled ‘Standards: Supporting Risk Management and Adding Business Value’, will be launched at Airmic’s Annual Conference running in Liverpool this month. At the heart of the report is a wide-ranging conversation between two risk management practitioners who describe their experiences of using standards to support risk management within business. The conclusion is that standards help give organisations “systems and frameworks” and can contribute towards good enterprise risk management and the success of the host business.
Other contributions from the United Kingdom Accreditation Service and the Independent International Organisation for Certification underline how accredited certification, inspection, testing or measurement services based on standards can support brokers and underwriters in their management and assessment of risk, as well as afford consumers the necessary assurances that a product or service delivered meets a certain level of quality and satisfies any legal requirement(s).