Home News IEC and ISO develop ‘toolbox’ of risk management standards for business sector

IEC and ISO develop ‘toolbox’ of risk management standards for business sector

by Brian Sims

All businesses face threats on an ongoing basis, ranging from unpredictable political landscapes to rapidly evolving technology and competitive disruption. With this in mind, the IEC and ISO have developed a ‘toolbox’ of risk management standards designed to help businesses prepare for, respond to and recover from incidents more efficiently. It includes a newly-updated standard on risk assessment techniques.

IEC 31010 Risk Management: Risk Assessment Techniques features a range of techniques to identify and understand risk. It has been updated to expand its range of applications and to add more detail than ever before and complements ISO 31000 Risk Management.

IEC 31010 describes the process to be followed when assessing risk, from defining the scope to delivering a report. It introduces a wide range of techniques for identifying and understanding risk in a business or technical context.

The IEC and ISO risk management ‘toolbox’ features internationally agreed standards with Best Practice and benchmarks on how to manage risk, as well as a risk management framework, agreed principles and processes.

Professor Jean Cross, convenor of the group of experts who maintain and revise IEC 31010, explained: “IEC 31010 is a valuable complement to ISO 31000 by providing detail on how risk can be assessed and describing the advantages and disadvantages of the different techniques that can be used. The standard is useful both as part of a process to manage risk and when comparing options and opportunities such that decisions are always based on a good understanding of risk.”

IEC 31010 was developed by Joint Working Group 16, which brings together experts from IEC Technical Committee 56 (focused on dependability) and ISO Technical Committee 262 (which concentrates on risk management).

The Secretariat of both Technical Committees is held by the British Standards Institution, the IEC and ISO members for the UK.

IEC 31010 may be purchased from the IEC or ISO web stores, as well as from IEC and ISO members.

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