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Risk Management Standard 030820

Risk Management Standard 030820

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Published by: Rupee Rudolf Lucy Ha on Sep 09, 2008
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09/23/2010

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A Risk Management Standard
 
Published by AIRMIC, ALARM, IRM: 2002
 
This Risk Management Standard is theresult of work by a team drawn from themajor risk management organisations inthe UK - The Institute of RisManagement (IRM),The Association of Insurance and Risk Managers (AIRMIC)and ALARM The National Forum forRisk Management in the Public Sector.In addition,the team sought the views andopinions of a wide range of otherprofessional bodies with interests in risk management,during an extensive periodof consultation.Risk management is a rapidly developingdiscipline and there are many and variedviews and descriptions of what risk management involves,how it should beconducted and what it is for.Some formof standard is needed to ensure that there isan agreed:
terminology related to the words useprocess by which risk management can becarried out organisation structure for risk management objective for risk management 
Importantly,the standard recognises thatrisk has both an upside and a downside.Risk management is not just something forcorporations or public organisations,butfor any activity whether short or longterm.The benefits and opportunitiesshould be viewed not just in the context of the activity itself but in relation to themany and varied stakeholders who can beaffected.There are many ways of achieving theobjectives of risk management and itwould be impossible to try to set them allout in a single document.Therefore it wasnever intended to produce a prescriptivestandard which would have led to a boxticking approach nor to establish acertifiable process.By meeting the variouscomponent parts of this standard,albeit indifferent ways,organisations will be in aposition to report that they are incompliance.The standard represents bestpractice against which organisations canmeasure themselves.The standard has wherever possible usedthe terminology for risk set out by theInternational Organization forStandardization (ISO) in its recentdocument ISO/IEC Guide 73 RisManagement - Vocabulary - Guidelines foruse in standards.In view of the rapid developments in thisarea the authors would appreciate feedback from organisations as they put the standardinto use (addresses to be found on theback cover of this Guide).It is intendedthat regular modifications will be made tothe standard in the light of best practice.
A Risk Management Standard © AIRMIC, ALARM, IRM: 20021
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