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

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.

About the Author
Brian Sims BA (Hons) Hon FSyI, Editor, Risk UK (Pro-Activ Publications) Beginning his career in professional journalism at The Builder Group in March 1992, Brian was appointed Editor of Security Management Today in November 2000 having spent eight years in engineering journalism across two titles: Building Services Journal and Light & Lighting. In 2005, Brian received the BSIA Chairman’s Award for Promoting The Security Industry and, a year later, the Skills for Security Special Award for an Outstanding Contribution to the Security Business Sector. In 2008, Brian was The Security Institute’s nomination for the Association of Security Consultants’ highly prestigious Imbert Prize and, in 2013, was a nominated finalist for the Institute's George van Schalkwyk Award. An Honorary Fellow of The Security Institute, Brian serves as a Judge for the BSIA’s Security Personnel of the Year Awards and the Securitas Good Customer Award. Between 2008 and 2014, Brian pioneered the use of digital media across the security sector, including webinars and Audio Shows. Brian’s actively involved in 50-plus security groups on LinkedIn and hosts the popular Risk UK Twitter site. Brian is a frequent speaker on the conference circuit. He has organised and chaired conference programmes for both IFSEC International and ASIS International and has been published in the national media. Brian was appointed Editor of Risk UK at Pro-Activ Publications in July 2014 and as Editor of The Paper (Pro-Activ Publications' dedicated business newspaper for security professionals) in September 2015. Brian was appointed Editor of Risk Xtra at Pro-Activ Publications in May 2018.

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