Risk+Management+Standards

=Risk Management Standards Resources=


 * 1) ==**Australian Standard AS/NZS 4360 Risk Management**==

Anyone looking for a comprehensive standard for risk management should look to Australian Standard AS/NZS 4360 Risk Management. I have looked at just about everything out there in the standards space and find this standard to be the most useful and usable. What I especially like about it is that it takes a broader view of risk, looking at the opportunity side of the equation in addition to the more negative risk-of-adverse-event side.

From the forward to 4360:

//Risk management involves managing to achieve an appropriate// //balance between realizing opportunities for gains while// //minimizing losses. It is an integral part of good management// //practice and an essential element of good corporate governance.// //It is an iterative process consisting of steps that, when// //undertaken in sequence, enable continuous improvement in// //decision-making and facilitate continuous improvement in// //performance.//

//Risk management involves establishing an appropriate// //infrastructure and culture and applying a logical and systematic// //method of establishing the context, identifying, analysing,// //evaluating, treating, monitoring and communicating risks// //associated with any activity, function or process in a way that// //will enable organizations to minimize losses and maximize// //gains.//

//To be most effective, risk management should become part of an// //organization's culture. It should be embedded into the// //organization's philosophy, practices and business processes// //rather than be viewed or practiced as a separate activity. When// //this is achieved, everyone in the organization becomes involved// //in the management of risk.//

//Although the concept of risk is often interpreted in terms of// //hazards or negative impacts, this Standard is concerned with risk// //as exposure to the consequences of uncertainty, or potential// //deviations from what is planned or expected. The process// //described here applies to the management of both potential gains// //and potential losses.//

//Organizations that manage risk effectively and efficiently are// //more likely to achieve their objectives and do so at lower overall// //cost.//

The [|Standard is available for purchase alone] or with a very useful implementation guide titled [|HB436 Risk Management Guidelines - Companion to AS/NZS 4360]. Both publications are highly recommended.