Drawing on world-leading practices to advise organizations how to manage risk, AS ISO 31000:2018, Risk Management – Guidelines has been published as an Australian adoption of the International Standard.
“As the business environment changes with the introduction of new technology and streamlined processes, new areas of risk are identified day by day, and [these] impact organizations of every shape and size,” Standards Australia CEO Dr Bronwyn Evans, said.
“One example of a new risk is cybersecurity and data protection, which was relatively unheard of five to 10 years ago, but now presents as a unique risk with many organizations unsure of how to respond to this effectively,” Evans added.
AS ISO 31000:2018, Risk Management – Guidelines places a higher emphasis on the involvement of senior management, while recommending that risk management be part of an organization’s structure and processes. The guidance in the standard is specifically designed to be common across every industry and sector to provide a baseline approach to risk management.
Jason Brown, Chair of the International Technical Committee responsible for the standard, said more and more industries and organizations are adopting a risk-based approach to doing business on an international level.
“What this will mean is that AS ISO 31000:2018, Risk Management – Guidelines will continue to develop its application, nationally and internationally, in support of governance, value protection and good decision making, be called in more standards, and used in management systems by organizations, to manage risk at all levels,” Brown said.