Risk management standard gets an update

A decade-old standard developed to help companies with risk management has been revised and adopted as a U.S. national standard. The new version reflects the evolution of risk management from a separate, departmentalized activity to an integrated management competency.

An upcoming 90-minute webinar offered by the American Society of Safety Professionals (ASSP) will highlight the improved framework of ANSI/ASSP/ISO 31000-2018 Risk Management Guidelines and explain how and why risk management should play a role in processes across any organization big or small.

Managing risks on a daily basis

“Managing risk creates and protects value regardless of your company’s specific industry,” said webinar instructor Dorothy Gjerdrum, who has more than 25 years of risk management experience and served as chair of the U.S. Technical Advisory Group for ISO 31000. “It is important for leadership and those responsible for risk management to bear in mind that every employee in every department is managing risks on a daily basis.”

Safety professionals play a key role in identifying, assessing and mitigating risks through the effective use of occupational safety and health management systems. By understanding and implementing risk-based approaches, they help their organizations improve overall performance while reducing workplace injuries, illnesses and fatalities.

Here's what's changed

The revised standard identifies eight principles to improve an organization’s risk management program while protecting the company’s value: 1) Integrate risk management into activities and decision-making; 2) take a structured and comprehensive approach; 3) customize the plan to fit needs and objectives; 4) include stakeholder perspectives; 5) be dynamic and responsive to organizational changes; 6) use the best available information; 7) consider human and culture factors; and 8) learn and adapt for continual improvement.

The standard’s content has been simplified and streamlined in recognizing that organizations may already have a risk management process. Users are encouraged to customize and improve how they manage risk with the updated standard’s guidance.