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Definition of Risk

Definition of risk: effect of uncertainty on objectives
                       
Note.1 -  An effect is a deviation from the expected-positive or negative

Note 2 -  Objectives can have different aspects(such as financial, health and safety and environmental goals) and can apply at different levels (such as strategic, organization-wide, project, product and process)

Note 3 -  Risk is often characterized by reference to potential events (2.19) and consequences (2.20), or a combination of these.

Note 4 -  Risk is often expressed in terms of a combination of the consequences of an event (including changes in circumstances) and the associated likelihood (2.21) of occurrence.

Note 5 -  Uncertainty is the state, even partial, of deficiency of information related to, understanding or knowledge of an event, its consequence or likelihood.
                       
Reference: AS/NZS/ISO 31000 Risk Management-2009
 
 

Industry Standards

Progress Report on ISO 31000

ISO 31000 has been approved following the ballot of ISO Member Organisations, but due to different approval processes for Standards and Guides there is a delay until the end of September to finalise Guide 73 and to ensure full harmonisation between the two documents.  Consequently it will not be until October that both ISO 31000:2009 - Risk management — Principles and guidelines and ISO Guide 73:2009 Risk management — Vocabulary will be published.  Subject to a ballot currently underway it is hoped to have ISO/IEC 31010 Ed. 1.0: Risk Management - Risk Assessment Techniques approved by then as well.

In the case of Australia and New Zealand, the Joint Technical Committee on Risk Management has approved the adoption of ISO 31000 as AS/NZS/ISO 31000:2009 Risk management — Principles and guidelines and for the withdrawal from sale of AS/NZS4360:2004.  The only difference between the two documents will be the Preface and Introduction which in the case of AS/NZS/ISO 31000:2009 will talk about the transition from 4360 to 31000.  The approval process for Australian and New Zealand Standards has commenced with respect to AS/NZS/ISO 31000:2009 and will take some six weeks which means we should see the local version appear for sale as soon as the ISO process is completed or perhaps earlier. 

Copies of the documents should be available for purchase from SAI-Global by mid to late December..

The Standards Australia/Standards New Zealand Joint Technical Committee on Risk Management is now actively working to update and bring all Handbooks, especially HB 436, into harmonisation with AS/NZS/ISO 31000:2009.  The updated Handbooks will be released progressively throughout the next year for sale from SAI-Global.

Dates for ISO workshops are published on the Learning and development page.  

AS/NZS 4360:2004 Risk Management

RMIA was the principal catalyst for the initial development of this highly successful standard.

AS 4360 Diagram

ISO 31000 Risk Management Guidance Standard

ISO 31000 is a generic standard intended to provide a common approach in support of standards dealing with specific risks and/or sectors and does not intend to replace those standards. The standard gives generic guidelines for the principles and the adequate implementation of risk management.  It is not intended to be used for the purposes of certification.

View Kevin Knight Am talking about ISO 31000

http://rmia.mediavisionz.com.au/

or order a DVD- a form is available under "Virtual Library"

Definition of Risk
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