International Organization for Standardization releases risk management standard

A new international standard for risk management, ISO 31000, has been developed and released.Any public, private or community enterprise, association, group or individual can use ISO 31000. It is not specific to any industry or sector and is intended to harmonize risk management processes in existing and future standards.It is not a standard to which organizations can seek certification. “ISO 31000 is a practical document that seeks to assist organizations in developing their own approach to the management of risk,” said Kevin W. Knight, chair of the ISO working group that developed the standards.“By implementing ISO 31000, organizations can compare their risk management practices with an internationally recognized benchmark, providing sound principles for effective management.”While it provides generic guidelines, it is not intended to promote uniformity of risk management across organizations, the International Organization for Standardization said.“The design and implementation of risk management plans and frameworks will need to take into account the varying needs of a specific organization, its particular objectives, context, structure, operations, processes, functions, projects, products, services, or assets and specific practices employed.”