Standards Australia releases new international guidance on risk management

October 30, 2018

Drawing on world leading practices to advise organisations on how to manage risk, Standards Australia has published an Australian adoption of the international standard AS ISO 31000:2018, Risk Management – Guidelines.

Explaining that the Standard is an updated tool to help organisations identify and respond to rapidly changing risk landscape, Standards Australia Chief Executive Dr Bronwyn Evans advised “as the business environment changes with the introduction of new technology and streamlined processes, new areas of risk are identified day by day, and impact organisations of every shape and size.

One example of a new risk is cyber security and data protection, which was relatively unheard of five to ten years ago but now presents as a unique risk with many organisations unsure of how to respond to this effectively.”

The new AS ISO 31000:2018, Risk Management – Guidelines has placed a higher emphasis on the involvement of senior management, as well as recommending risk management be part of an organisation’s structure and processes. The guidance in the standard is specifically designed to be common across every industry and sector, providing a baseline approach to risk-management.

Jason Brown, Chair of the International Technical Committee responsible for the standard, added “on an international level, more and more industries and organisations are adopting a risk-based approach to doing business.

“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 organisations, to manage risk at all levels.”

Dr Evans concluded “HB 188, Physical Protective Security Treatment for Buildings and AS 4811 Workforce Screening are just two examples of the growing trend in standards utilising a risk-based approach to ensure their relevance for any business in any industry.”

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Image courtesy of Sarah Colwell.

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