A risk management standard: what does risk management look like?
Risk management is a rapidly developing discipline and there are many and varied views and descriptions
of what risk management involves, how it should be conducted and what it is for. Some form of standard is needed to ensure that there is an agreed
- Terminology related to the words used
- Process by which risk management can be carried out
- Organisation structure for risk management
- Objective for risk management.
By meeting the various component parts of this standard, albeit in different ways, organisations will be in a position to report that they are in compliance. The Standard represents best practice against which organisations can measure themselves.