Risk Management, BS 25999, BS 31100, etc.

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October 2007

By Ian Hannah
SQMC Director of Programmes

Two draft British Standards have recently been developed by practitioners throughout the business community and circulated for comment. The results should make interesting reading to all business managers!

One relates to business continuity management (BCM). It has been produced to define requirements for a management systems approach to business continuity management based on good practice for use in large, medium and small organizations operating in industrial, commercial, public and voluntary sectors.

BS 25999 is published in two parts:

— Part 1: Code of practice for business continuity management; and now
— Part 2: Specification for business continuity management.

BS 25999 -2 may seem familiar to ISO 9001 devotees since it provides a specification for use by internal and external parties, including certification bodies, to assess the organization's ability to meet regulatory, customer, and the organization's own requirements.

The other, BS 31100, recognizes that effective risk management brings substantial benefits to organizations, including improved governance and performance in the short and long term.

Organizations of all types and sizes face a range of risks affecting the achievement of their objectives and influencing all decision-making. Risk management supports intelligent and effective decision-making in order optimize the level of calculated risk taken and recognize opportunities where taking risks might benefit the organization. Managing risks increases the
likelihood of success and reduces the likelihood of failure. In essence, good risk management is good management!

The benefits of good risk management (and the downsides of bad risk management) will be felt by an organization’s staff, management, shareholders, customers and other stakeholders.

Risk management is continuous, systematically addressing the risks surrounding an organization’s activities, and wholly integrated into the culture of the organization.

Risk management applies at all levels of an organization and to all activities.
This standard provides definitions of risk management terms and a guide to risk management principles, models, framework and processes. Its purpose is to assist organizations to achieve their objectives through effective risk management.

SQMC offer courses and workshops in Risk Management, and can supply (in conjunction with producers Nicholas & Smith) a DVD called “RISKMAKER – RISKTAKER” which clearly lays out the ‘seven essential steps’ for management to take in their own environment. Call us for details and free trial viewing.