ISO 31000 will be more helpful in supporting corporate governance

KUALA LUMPUR: The new global standard for risk management, ISO 31000, will be more helpful in supporting corporate governance for risk management among companies and enterprises, most of which have adopted the current standard of risk management, AS/NZS 4360: 2004 (Standards Australia/New Zealand approach).

Risk management standards expert Kevin Knight said ISO 31000 was a more concise, clear and flexible set of guidelines developed for risk management.

Ideas to conceptualise it started in 2004 when six meetings were held among 30 countries of ISO Meeting Group to come out with better standard of guidelines.
“ISO 31000 is more focused on the process of risk management in companies and enterprises.

“By this, it gives more direction to the organisation on managing the uncertainty or risks that may happen,” he told StarBiz.

Knight chairs the World ISO working group developing the new ISO 31000 risk management standards. Via: biz.thestar.com.my

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