Airmic, whose annual conference has just concluded in Liverpool, UK, is shining a spotlight on the role of standards in risk management.

A report produced by business standards company BSI, in conjunction with the risk and insurance professionals body, looked at how standards support organizations’ risk managers by helping provide systems and frameworks. The Standards: supporting risk management and adding business value report is being featured at the Airmic conference.

Julia Graham, deputy chief executive and technical director at Airmic, said the recent publication of the revised international standard for risk management – ISO 31000:2018 Risk management: guidelines – encouraged the UK association “to step back and reflect” on how standards can assist risk managers and lead firms towards excellence.

“We know from research that standards make a significant, positive contribution to the success of UK companies,” said BSI chief executive Howard Kerr. “For example: increasing productivity, facilitating innovation, enhancing the quality of products and efficiency of processes, and promoting international trade.”

The United Kingdom Accreditation Service (UKAS) and the Independent International Organization for Certification (IIOC) also contributed to the report.

Related stories:
Ten years post-financial crisis, regulators are still going after senior management
Why are corporate reputational crises on the rise?