RIMS urges countries to adopt updated ISO 31000:2018 as national standard

RIMS urges countries to adopt updated ISO 31000:2018 as national standard | Insurance Business America

RIMS urges countries to adopt updated ISO 31000:2018 as national standard

Risk management society RIMS has encouraged countries around the world to adopt the recently-revised ISO 31000:2018 as their respective national standard.

The organisation said it welcomes the updated document, and as a member of ANSI’s US Technical Advisory Group (US TAG) supports the adoption as an American risk management standard, as well as urging its wider use globally.

“The revised ISO: 31000:2018 reflects the evolution of risk management over the past decade from a separate, at times, departmentalised, activity to an integrated management competency,” said RIMS vice president of strategic initiatives, Carol Fox, in a statement.

RIMS members delivered feedback to the ISO through its membership of US TAG, which it says helped shaped the new iteration of the standard.

Key features of the revisions include: Simplifying language and avoiding jargon to aid user understanding; Emphasising the need to customise the proposed guidance to suit the organisation’s established risk management principles, processes and frameworks; Stressing the importance of integrating risk management into governance and decision-making processes; Incorporating risk management into strategic, operational, program and project levels objectives to create, as well as protect, value.

“The international standard emphasises risk management’s ability to positively impact day-to-day activities, as well as strategic decision-making throughout the organisation’s value chain. RIMS proudly supports these updates and looks forward to continuing its collaborative relationship with ISO standards development and ANSI’s US TAGs,” Fox said.

“Risk management professionals will find that the revisions in the ISO 31000 standard and the 2017 COSO ERM Framework complement each other… We encourage organisations to use both of these important guidance documents, along with the RIMS Risk Maturity Model, to advance their risk management competencies,” she went on to say.

The society has published an article about the revised ISO standard, as well as changes to the COSO ERM Framework, which can be found on its website.