In times of uncertainty, it’s good to know IEC and ISO maintain a risk management toolbox that can help organizations stay ahead of threats to their success.Businesses face threats on an ongoing basis, ranging from unpredictable political landscapes to rapidly evolving technology and competitive disruption. In response, IEC and ISO developed a toolbox of risk management standards to help organizations prepare, respond, and recover more efficiently.
It includes a newly updated standard on risk assessment techniques: IEC 31010:2019, Risk management — Risk assessment techniques. The standard includes a range of techniques to identify and understand risk. The recent update adds detail and expands the range of applications.
IEC 31010, which complements ISO 31000, Risk management, describes the process to be followed when assessing risk, from defining the scope to delivering a report. It introduces a range of techniques to identify and understand risk in a business or technical context.
The risk management toolbox features standards with best practice and benchmarks on how to manage risk, as well as a risk management framework, principles, and processes.
“IEC 31010 is a valuable complement to ISO 31000 by providing detail on how risk can be assessed and describing the advantages and disadvantages of the different techniques that can be used,” according to Professor Jean Cross, convener of Joint Working Group 16, which maintains and revises IEC 31010. “The standard is useful both as part of a process to manage risk and when comparing options and opportunities so that decisions are based on a good understanding of risk,” she said.
Joint Working Group 16 includes experts from IEC Technical Committee 56 on Dependability and ISO/TC 262 on Risk Management. You can purchase IEC 31010 from ANSI, IEC, ISO, and other IEC and ISO members.