The final version of BS 31100:2008 Risk Management Code of Practice is now available from BSI.

BS 31100 gives users an understanding of how to develop, implement and maintain effective risk management within their organization. It provides recommendations for the framework, process and implementation of risk management gained from experience and good practice.

Mike Low, director of BSI British Standards, said: “Publication of BS 31100 could not be more timely. As we have seen in recent weeks, the scale of risk and opportunity among blue chip companies is enormous. Businesses of all sizes are operating in a challenging environment – they must manage their opportunities while controlling risk and this will be a fundamental skill to survive these difficult times. This standard provides a set of clear and simple guidelines which positions risk taking as a positive business facet. It’s very encouraging to see so many businesses engaging with risk and recognising the benefits that can arise from embracing such a framework.

Julia Graham, chief risk officer of global legal practice DLA Piper and Chair of the BS 31100 drafting committee, said, “If you read any CEO survey these days the top answer as to what’s keeping them awake at night will be economic volatility. The credit crunch and what has followed has woken Boards up to the fact that failures in risk management are fundamental problems and part of the reason why they are in the position they are in now. BS 31100 raises the profile of risk management at just the right time and I think it could become a benchmark for organizations that do not want to make the same mistakes others have made.”

BS 31100 is available from the BSI shop.

•Date: 4th Nov 2008• Region: UK/World •Type: Article •Topic: Operational risk
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