BSI adopts ISO 31000 and provides guidance

The BS ISO 31000 can be used alongside the existing BS 31100:2008 Risk Management: Code of Practice, which complements the new standard and gives additional guidance to risk management that is not covered in the international standard, BSI said in a statement.

The two standards take an almost identical approach to risk management, but use different headings and terms in some instances, the BSI said.

“In these challenging times, good risk management is essential for organizations to not only survive, but also to grow their business. The development of standardization in this area at both the national and international level can only help organizations of all sizes to flourish,” said Tim McGarr, Sector Content Manager for Risk Management at the BSI.

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There are many tools that allow organisations to use appropriate risk management to discover untapped opportunities and maintain their current business. But, not many come with the support and development of an international group of experts plus a tailored view for the U.K., BSI said.

BSI’s committee for risk management will update the BS 31100 to facilitate correspondence between the two standards and to also add extra guidance when using both documents.

The updated version is scheduled to be published at the end of 2010.

A short briefing is available on the BSI Website that explains how the BS ISO 31000 can be used alongside the existing risk management standard, the BS 31100.