Standards Australia publishes adapted version of ISO 31000:2018 risk management standard

Published: Wednesday, 31 October 2018 08:56

In February 2018 ISO issued an updated version of the ISO 31000:2018 risk management standard. Standards Australia has now released a version of the new standard, adapted for the Australian market.

The new AS ISO 31000:2018, Risk Management – Guidelines has placed a higher emphasis on the involvement of senior management, as well as recommending that risk management be part of an organization’s structure and processes. The guidance in the standard is specifically designed to be common across every industry and sector, providing a baseline approach to risk-management.

“On an international level, more and more industries and organisations are adopting a risk-based approach to doing business,” said Mr Jason Brown, Chair of the International Technical Committee responsible for the standard. “What this will mean is that AS ISO 31000:2018, Risk Management – Guidelines will continue to develop its application, nationally and internationally, in support of governance, value protection and good decision making, be called in more standards, and used in management systems by organizations, to manage risk at all levels.”

Obtain the standard.