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International Risk Management Standard AS/NZS ISO 31000

International Risk Management Standard AS/NZS ISO 31000. Peter Brass General Manager Risk Management & Audit PIRSA. Abstract of ISO 31000:2009 (Source: ISO Website on ISO 31000 – 16 June 2009).

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International Risk Management Standard AS/NZS ISO 31000

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  1. International Risk Management StandardAS/NZS ISO 31000 Peter Brass General Manager Risk Management & Audit PIRSA

  2. Abstract of ISO 31000:2009(Source: ISO Website on ISO 31000 – 16 June 2009) • Provides principles and guidelines on risk management. It is generic and not developed for any specific industry or sector but risk “per se”. • Can be applied throughout the life of an organisation, and to a wide range of activities, including strategies and decisions, operations, processes, functions, projects, products, services and assets. • Can be applied to any type of risk, whatever its nature, whether having positive or negative consequences. • Although ISO 31000:2009 provides generic guidelines, it is not intended to promote uniformity of risk management across organisations. The design and implementation of risk management plans and frameworks will need to take into account an organisation’s particular objectives, context, structure and operations. Risk management should continue to develop organically. • ISO 31000:2009 is not intended for the purpose of certification.

  3. RISK = effect of uncertainty on objectives NOTE 1 An effect may be positive, negative, or a deviation from the expected. NOTE 2 An objective may be financial, related to health and safety, or defined in other terms. NOTE 3 Risk is often described by an event, a change in circumstances, a consequence, or a combination of these and how they may affect the achievement of objectives. NOTE 4 Risk can be expressed in terms of a combination of the consequences of an event or a change in circumstances, and their likelihood. NOTE 5 Uncertainty is the state, even partial, of deficiency of information related to, understanding or knowledge of, an event, its consequence, or likelihood.

  4. Risk Management & Managing Risks In the Standard, the expressions “risk management” and “managing risk” are both used. In general terms, “risk management” refers to the architecture (principles, framework and process) for managing risks effectively, and “managing risk” refers to applying that architecture to particular risks.

  5. Principles for managing risk (Clause 3) • Creates value • Integral part of organisational processes • Part of decision making • Explicitly addresses uncertainty • Systematic, structured & timely • Based on best available information • Tailored • Takes human & cultural factors into account • Transparent & inclusive • Dynamic, iterative & responsive to change • Facilitates continual improvement & enhancement of the organisation AS 4360 – Implicit to some extent

  6. Framework for managing risk (Clause 4) Mandate & commitment Design of framework For managing risk Continual improvement of the framework Implementing risk management Monitoring & review of the framework AS 4360 – Covered partially in Section 4 “Establishing effective risk management”

  7. Process for managing risk (Clause 5) Establishing the Context Risk Assessment Identify Risks Communication & Consultation Analysis of Risks Monitoring & Review Evaluation of Risks Treatment of Risks AS 4360 – Fully covered in Section 3 “Risk Management Process”

  8. Comparison AS/NZS 4360 & ISO 31000:2009

  9. What this means to us. • If you have followed 4360 – impact of 31000 is minimal • Increased status of 31000 as international paramount standard – referred explicitly in GOSA Risk Management Policy • If no organisational Risk Management Policy, it is now required. • Timeframe – No deadline. However, should update references and other requirements as part of next risk management program review.

  10. SAICORP Benchmarking Program • Self-assessment used to participate in this program will help to review existing risk management program • Self-assessment will also helped to identify any amendments required as the tool used has been aligned with 31000 and • Clause 3 Principles • Clause 4 Framework & • Clause 5 Process • Documents are available from Treasury website at www.safa.sa.gov.au/insurance • Further information from Darryl Bruhn at Darryl.Bruhn@sa.gov.au or 8226 3429.

  11. Information Sessions • Today’s presentations are available from the Treasury website at www.safa.sa.gov.au/insurance. • A schedule of information sessions on the new GOSA Risk Management Policy & ISO 31000 has been developed. • First session is scheduled for Thursday 11th March at the Hetzel Lecture Theatre at the State Library of SA. (9.30am to 11.00am) • Also Wednesday 14th April at same time and venue • Registration for these sessions to Bridget.Pacifico@sa.gov.au • Further information Darryl Bruhn at Darryl.Bruhn@sa.gov.au or 8226 3429.

  12. QUESTIONS ??

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