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A Risk Management Standard

Published by AIRMIC, ALARM, IRM: 2002

Introduction
This Risk Management Standard is the result of work by a team drawn from the major risk management organisations in the UK - The Institute of Risk Management (IRM),The Association of Insurance and Risk Managers (AIRMIC) and ALARM The National Forum for Risk Management in the Public Sector. In addition, the teamsought the views and opinions of a wide range of other professional bodies with interests in risk management, during an extensive period of consultation. Risk management is a rapidly developing discipline and there are many and varied views and descriptions of what risk management involves, how it should be conducted and what it is for. Some form of standard is needed to ensure that there is anagreed: should be viewed not just in the context of the activity itself but in relation to the many and varied stakeholders who can be affected. There are many ways of achieving the objectives of risk management and it would be impossible to try to set them all out in a single document.Therefore it was never intended to produce a prescriptive standard which would have led to a box ticking approachnor to establish a certifiable process. By meeting the various component parts of this standard, albeit in different ways, organisations will be in a position to report that they are in compliance.The standard represents best practice against which organisations can measure themselves. The standard has wherever possible used the terminology for risk set out by the International Organization forStandardization (ISO) in its recent document ISO/IEC Guide 73 Risk Management - Vocabulary - Guidelines for use in standards. In view of the rapid developments in this area the authors would appreciate feedback from organisations as they put the standard into use (addresses to be found on the back cover of this Guide). It is intended that regular modifications will be made to the standard in thelight of best practice.

• terminology related to the words used • process by which risk management can be carried out • organisation structure for risk management • objective for risk management
Importantly, the standard recognises that risk has both an upside and a downside. Risk management is not just something for corporations or public organisations, but for any activity whether short or longterm.The benefits and opportunities

A Risk Management Standard © AIRMIC, ALARM, IRM: 2002

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1. Risk
Risk can be defined as the combination of the probability of an event and its consequences (ISO/IEC Guide 73). In all types of undertaking, there is the potential for events and consequences that constitute opportunities for benefit (upside) or threats to success (downside). RiskManagement is increasingly recognised as being concerned with both positive and negative aspects of risk.Therefore this standard considers risk from both perspectives. In the safety field, it is generally recognised that consequences are only negative and therefore the management of safety risk is focused on prevention and mitigation of harm.

2. Risk Management
Risk management is a central part ofany organisation’s strategic management. It is the process whereby organisations methodically address the risks attaching to their activities with the goal of achieving sustained benefit within each activity and across the portfolio of all activities. The focus of good risk management is the identification and treatment of these risks. Its objective is to add maximum sustainable value to all theactivities of the organisation. It marshals the understanding of the potential upside and downside of all those factors which can affect the organisation. It increases the probability of success, and reduces both the probability of failure and the uncertainty of achieving the organisation’s overall objectives. Risk management should be a continuous and developing process which runs throughout the...