ISO 31000:2009 IEC/ISO 31010:2009 & ISO Guide
ISO 31000:2009IEC/ISO 31010:2009& ISO Guide 73:2009International Standards for theManagement of RiskKevin W Knight AMCHAIRMANUNECE GRMP 0 BOX 226, NUNDAH Qld 4012, AustraliaE-mail: kknight@bigpond.net.au02/17
Managing Risk We all manage risk consciously or unconsciously- but rarely systematically Managing risk means forward thinking Managing risk means responsible thinking Managing risk means balanced thinking Managing risk is all about maximising opportunityand minimising threats The risk management process provides a framework tofacilitate more effective decision making
History of the ISO andRisk Management Over 80 separate ISO and IEC Technical Committees areaddressing aspects of risk management 27th June 2002, ISO/IEC Guide 73, Risk Management Vocabulary” published. 2004 ISO Technical Management Board (TMB)– approached by Australia and Japan– AS/NZS 4360:2004 to be adopted by ISO. June 2005, TMB sets up Working Group (WG) 15.11.2009 ISO 31000 & ISO Guide 73 published 27.11.2009 ISO/IEC 31010 published.
KNOWLEDGEABOUT OUTCOMESSome basis TLIKELIHOODSNo basis forprobabilitiesuncertaintyO’Riordan, T, and Cox, P. 2001. Science, Risk, Uncertainty and Precaution.Senior Executive’s Seminar – HRH the Prince of Wales’s Business and the Environment Programme.University of Cambridge.ignorance
The Pivotal Definitionriskeffect of uncertainty on objectivesNOTE 1 An effect is a deviation from the expected — positive and/ornegative.NOTE 2 Objectives can have different aspects (such as financial, health andsafety, and environmental goals) and can apply at different levels (such asstrategic, organization-wide, project, product and process).NOTE 3 Risk is often characterized by reference to potential events andconsequences, or a combination of these.NOTE 4 Risk is often expressed in terms of a combination of theconsequences of an event (including changes in circumstances) and theassociated likelihood of occurrence.NOTE 5 Uncertainty is the state, even partial, of deficiency of informationrelated to, understanding or knowledge of, an event, its consequence, orlikelihood.[ISO Guide 73:2009]
risk ownerperson or entity with the accountability andauthority to manage a riskcontrolmeasure that is modifying riskNOTE 1 Controls include any process, policy, device,practice, or other actions which modify risk.NOTE 2 Controls may not always exert the intendedor assumed modifying effect.[ISO Guide 73:2009]
Yet to be definedAccountableLiability for the outcomes of actions ordecisionsNOTE: Includes failure to act or makedecisionsORbeing obligated to answer for a decisionORobligation to answer for an action.ResponsibleObligation to carry out duties ordecisions, or control over others asdirectedORhaving the obligation to actORobligation to carry out instructions.
AS/NZS ISO 31000:2009- UsersAS/NZS ISO 31000:2009 is intended to be used by a widerange of stakeholders including:– those responsible for implementing riskmanagement within their organization;– those who need to ensure that an organizationmanages risk;– those who need to manage risk for the organizationas a whole or within a specific area or activity;– those needing to evaluate an organization’s practicesin managing risk; and– developers of standards, guides, procedures, andcodes of practice that in whole or in part set outhow risk is to be managed within the specific contextof these documents.
A Business Principles Approach to theManagement of Risk
Corporate GovernanceThe way in which an organisation is governed andcontrolled in order to achieve its objectives. The controlenvironment makes an organisation reliable in achievingthese objectives within a tolerable degree of risk.It is the glue which holds the organisation together inpursuit of its objectives while risk management providesthe resilience.Queensland Audit Office – Report No. 7 1998- 99: Reports/9899/report7.html
Corporate Governance“The system by which entities aredirected and controlled.””Corporate governance generally refersto the processes by which organisationsare directed, controlled and held toaccount. It encompasses authority,accountability, stewardship,leadership, direction and controlexercised in the organisation.”SAA HB 254-2005Governance, risk management and control assuranceStandards Australia. ISBN 0 7337 6892 X
ACCOUNTABILITYSUPERVISIONPotential greaterfuture role of onal and currentrisk DECISION & CONTROLOPERATIONAL MANAGEMENTRisk Management’s Role in Corporate Governance
a) Creates valueb) Integral part oforganizationalprocessesc) Part of decisionmakingd) Explicitly addressesuncertaintye) Systematic,structured and timelyf) Based on the bestavailable informationg) Tailoredh) Takes human andcultural factors intoaccounti) Transparent andinclusivej) Dynamic, iterative andresponsive to changek) Facilitates continualimprovement andenhancement of theorganizationMandate and Commitment(4.2)Design ofFramework(4.3)ContinualImprovementof nitoringand Reviewof hingthe context (5.3)Risk assessment(5.4)Riskidentification(5.4.2)Risk sk treatment(5.5)5.2Principles(Clause 3)Framework(Clause 4)MonitoringProcess(Clause 5)ISO 31000:2009 Figure 1 – Relationship between the principles, framework and process
Business Principles ApproachAS/NZS ISO 31000:2009 Principles (Clause 3)Risk management should .1. Create value2. Be an integral part of organisational processes3. Be part of decision making4. Explicitly address uncertainty5. Be systematic and structured6. Be based on the best available information7. Be tailored8. Take into account human factors9. Be transparent and inclusive10. Be dynamic, iterative and responsive to change11. Be capable of continual improvement andenhancement
Risk management shouldcreate value RM contributes to theachievement of objectives. Protects value – minimisedownside risk, protects people,systems and processes.
Risk management should be anintegral part of organizationalprocesses RM is not a stand-alone activityfrom the management system ofthe organisation. RM is part of the process - notan ‘additional’ compliance task.
Risk management should bepart of decision making Risk management helps decisionmakers make informed choices,prioritize actions and distinguishamong alternative courses of action. Helps allocate scarce resources.
Risk management explicitlyaddresses uncertainty Risk management explicitly takesaccount of uncertainty, the natureof that uncertainty, and how it canbe addressed. RM addresses uncertainty, nomatter the level of uncertainty.
Risk management should besystematic and structured A systematic, timely and structuredapproach to the management of riskcontributes to efficiency and toconsistent, comparable and reliableresults. The more aligned – the more effectiveand efficient.
Risk management should bebased on the best availableinformation The inputs to the process of managing risk arebased on information sources such as historicaldata, experience, stakeholder feedback,observation, forecasts and expert judgement. Information costs money. Perfect information isnot always possible. Start with resources/expertise you have or gaineasily. Increase information as the level of riskincreases.
Risk management should betailored Risk management is aligned with theorganization's external and internal contextand risk profile. Different risk appetites & differentmeasurements. Context remains one of the most difficultareas.
Risk management should takeinto account human factorsThe management of risk recognizesthe capabilities, perceptions andintentions of people that makeevery organisation different.
Risk management should betransparent and inclusive Appropriate and timely involvement ofstakeholders at all levels of theorganization, ensures that the managementof risk remains relevant and up-to-date. The management of risk must be clearly setout in job profiles/employment contractsand annual appraisals.
Risk management should be dynamic,iterative and responsive to change External and internal events happen, contextand knowledge change, monitoring and reviewtake place, new risks emerge, some change, andothers disappear. Must keep RM relevant and accurate so as tosupport decisions and strategies. Regular reviews of risk register and framework. Internal audit programme informed by corporaterisk register.
Risk management should becapable of continual improvementand enhancement Organizations should develop andimplement strategies to improve thematurity of their management of riskalongside all other aspects of theirmanagement system. RM maturity and improvement strategiesshould be included in the RM Plan.
PDCA – the starting point of anymanagement systemCommitment and MandatePolicy StatementRisk Management PlanAssurance planStandardsProcedures/GuidelinesActStandardise SolutionReview and DefineNext IssuesPlanDefine & Analyse aProblem and Identify theRoot CauseCommunicate and TrainCommunications andreporting planTraining strategyRM NetworkDoCommon ApproachUsed in ISOManagementSystem StandardsDevise a SolutionDevelop Detailed ActionPlan & Implement ItSystematicallyOrganise and AllocateMeasure and reviewControl assuranceRM Plan progressGovernance reportingBenchmarkingPerformance criteriaCheckConfirm OutcomesAgainst PlanIdentify Deviations andIssuesBoard RM CommitteeExec RM CommitteeManager, RMRM ChampionsRisk, Control, Risk ownersAssurance providers
AS/NZS ISO 31000:2009 Riskmanagement framework (Clause 4) The framework in Clause 4 of AS/NZS ISO31000:2009 is not intended to describe amanagement system; but rather, it is toassist the organization to integrate riskmanagement within its overallmanagement system. Therefore, organizations should adapt thecomponents of the framework to theirspecific needs.
Mandate and commitment (4.2)4.3 Design of framework4.3.1 Understanding the organization and its context4.3.2 Establishing risk management policy4.3.3 Accountability4.3.4 Integration into organizational processes4.3.5 Resources4.3.6 Establishing internal communication and reporting mechanisms4.3.7 Establishing external communication and reporting mechanisms4.6 Continual improvement of the framework4.4 Implementing risk management4.4.1 Implementing the framework for managing risk4.4.2 Implementing the risk management process4.5 Monitoring and review of the frameworkAS/NZS ISO 31000:2009 Figure 2 — Relationship between the components of the framework formanaging risk
Understanding the organisationand its context External Context–Consider: Trends Key drivers Perceptions/values of keystakeholders PESTLE: (Political, Economic, Social,Technological, Legal, Environmentalfactors)
Understanding the organisationand its context Internal Context– Governance Structures– Objectives, strategies and policies– Knowledge, skills and resources– Organisational culture– Contractual relationships
Risk Management Policy Must be simple, achievable, understandableand auditable with the clear mandate andcommitment of top management aligned to the organisation’s culture with therisk makers and the risk takers the risk owners. Document components––––––Rationale and policy linksAccountability and responsibilityManagement of conflicts of interestMeasurement of RM performanceReporting processesPolicy review process/cycle
Accountability All accountable risk owners are clearlyidentified and provided with authority &resources to manage risk Board accountability for frameworkimplementation Accountability of risk owners at all levelsof the organisation clearly identified Performance measurement processes inplace Reporting and escalation processesclearly established
Integration intoorganisational processes The management of risk should be part ofroutine organisational processes––––Policy developmentBusiness/strategic planningChange managementDecision-making processes Risk Management Plan– Organisation-wide– Linked to or integrated in to other plans: strategicplans, implementation plans, operational plans etc
Resources expenditure on the management of risk isan investment– Good RM will make an organisation moreeffective, but it requires dedicated resources Resources include:– People: skills, experience and competence– Time and funds: to execute the process– Defined processes, methods and tools– Information systems– Awareness, education and training programs
Establishing internal &external communication andreporting mechanisms Internal––––Ongoing awareness, education and trainingFramework performance reporting and outcome reviewsInformation managementStakeholder engagement External––––Stakeholder engagementRegulatory reporting requirementsUse reporting to build confidenceBusiness continuity (management of disruption relatedrisk) communication
Implementing risk management Implementing the framework– Ensure Appropriate timing Alignment with organisational strategy andprocesses Compliance with regulation– Apply to organisational processes– Train and educate staff– Communicate and consult Implementing the risk management process– Define the process for the organisation– Implement at all levels (appropriate processes)– Establish a monitoring process
Hierarchical ObjectivesStrategic— designed to provide the direction required toachieve strategic goals. These are usually long-term plans with aminimum timeframe of three to five yearsTactical — designed to further the implementation of thestrategic plan, addressing tactical goals, following a shortertimeframe of generally one to three yearsOperational— designed to further the implementation oftactical plans and addressing operational goals. These plans havea much shorter timeframe of usually less than one year,sometimes with a timeframe of months, weeks or days.
Organisational ObjectivesThere are generally three levels of objectives in any organisation,which align to the type of plan that will be implemented to helpattain them. The three levels areandoperational.strategic, tacticalStrategic objectives are usually very general bynature describing future results which have been determinedby management. These generally describe the vision/missionfor ensuring the success of the organisation.For example, a strategic objective of a University might be to:‘Increase revenue from overseas students by 15%’.
Organisational ObjectivesThere are generally three levels of objectives in any organisation, which align tothe type of plan that will be implemented to help attain them. The three levelsare strategic, tactical and operational.Tactical objectives are set by middle managementfor specific departments or business units. They arealigned to the strategic objectives and articulate what eachdepartment or business unit must do to achieve higherlevel objectives.For example, the tactical objective of the marketing department ofthe University may be:‘To increase the advertising campaigns in the Asia-Pacific regionfrom one to three per year’.
Organisational ObjectivesThere are generally three levels of objectives in any organisation, which align tothe type of plan that will be implemented to help attain them. The threelevels are strategic, tactical and operational.Operational objectives are more specific innature set by lower management to address therequirements set by tactical objectives.For example, the operational objective of the marketing teammay be:‘To develop and implement two new advertising campaignstargeted at the Asia-Pacific region’.
Organisational Risk islikeDisinclinationCorporate cultureExcessiveappetite
Operational Risk ManagementCycleConduct riskprofilingReview performanceImplement andmonitor treatmentactionsJanSepBudget andbusinessplanningStrategicplanningMayDetermine risktreatmentactions
AS/NZS ISO 31000:2009 Riskmanagement process (Clause 5) should be an integral part ofmanagement, be embedded in cultureand practices and tailored to thebusiness processes of the organization. includes five activities: communicationand consultation; establishing thecontext; risk assessment; risktreatment; and monitoring and review.
ISO 31000:2009Process OverviewCOMMUNICATION&ESTABLISHING THE CONTEXTRISK IDENTIFICATIONRISK ANALYSISRISKASSESSMENTRISK EVALUATIONCONSULTIONRISK TREATMENTMONITOR&REVIEW24
5.3 ESTABLISHING THE CONTEXT5.3.2 External Context5.3.3 Internal Context5.3.4 Risk Management Process Context5.3.5 Developing Risk Criteria5.2COMMUNICATION&CONSULTATION5.65.4.2 RISK IDENTIFICATIONWhat can happen, when, where, how & why5.4.3 RISK ANALYSIS5.4Determine existing SKEstimate Level of Risk5.4.4 RISK EVALUATIONCompare against criteria.Identify & assess options.Decide on response.Establish priorities.ASSESSMENT5.5 RISK TREATMENT5.5.2 Selection of risk treatment options5.5.3 Preparing and implementing risktreatment plansISO 31000:2009Risk management process in detailMONITOR&REVIEW
ISO/IEC 31010:2009Risk Management - Risk Assessment TechniquesIn particular, those carrying out risk assessments should beclear about the context and objectives of the organization, the extent and type of risks that are tolerable, and howunacceptable risks are to be treated, how risk assessment integrates into organizationalprocesses, methods and techniques to be used for risk assessment,and their contribution to the risk management process, accountability, responsibility and authority for performingrisk assessment, resources available to carry out risk assessment, how the risk assessment will be reported and reviewed.
ISO/IEC 31010:2009Risk Management - Risk Assessment TechniquesRisk assessment attempts to answer thefollowing fundamental questions: what can happen and why (by riskidentification)? what is the likelihood of their futureoccurrence? what are the consequences? are there any factors that reduce thelikelihood of the risk or that mitigate theconsequence of the risk?
ISO 31000:2009Annex A(Informative)Attributes of enhanced risk management1. A pronounced emphasis on continuousimprovement in risk management through thesetting of organizational performance goals,measurement, review and the subsequent modification ofprocesses, systems, resources andcapability/skills.2. Comprehensive, fully defined and fullyaccepted accountability for risks, controlsand treatment tasks. Named individuals fully accept,are appropriately skilled and have adequate resources tocheck controls, monitor risks, improve controls andcommunicate effectively about risks and theirmanagement to interested parties.
ISO 31000:2009Annex A(Informative)Attributes of enhanced risk management3. All decision making within the organization,whatever the level of importance and significance,4.involves the explicit consideration of risksand the application of the risk managementprocess to some appropriate degree.Continual communications and highly visible,comprehensive and frequent reporting ofrisk management performance to all “interestedparties” as part of a governance process.
ISO 31000:2009Annex A(Informative)Attributes of enhanced risk management5. Risk management is always viewed as acore organizational process where risks areconsidered in terms of sources of uncertaintythat can be treated to maximize the chance ofgain while minimizing the chance of loss.Critically, effective risk management is regardedby senior managers as essential for theachievement of the organization’s objectives.The organization’s governance structureand process are founded on the riskmanagement process.
ISO 31000:2009– Reducing the Risk in RiskManagement Avoids organisations re-inventing the wheelAllows all to benefit from proven best practiceProvides a universal benchmarkReduces barriers to tradeAdvises exactly what you need to do and howyou need to do it – no wasted effort and no falsestarts Scalable – works for all sizes of organisation Risk management making optimaldecisions in the face of uncertainty
And Finally!! ISO 31000:2009 is the natural successor toAS/NZS 4360:2004 It will fit ‘ERM’ requirements, but will alsoallow silo/project risk management Following ISO 31000:2009 will provide a lowcost, high chance of success approach toERM ISO 31000:2009 will add value and reduce riskin risk management Managing risk is about creatingvalue out of uncertainty
YOU DO NOT HAVE TO MANAGE RISK!!SURVIVAL IS NOTCOMPULSORY
The greatest risk of allis to take no risk at all!
The Journey ContinuesA raceA journey .In pursuit of performanceBuilding ValueISO 31000, IEC/ISO 31010 and ISO Guide 73 provide genericguidance on how to embrace the management of risk in orderto maximise the opportunities and minimise the threats to theachievement of your objectives.COMMUNICATECONSULTStructureDirection1. Strategic Ct2. Identify ThreatsASSESS3. Analyze4. Assess5. Assess/7. Manage OpportunitiesRisks
Documents in red are the suggested as the foundational documents of areference library for those keen to understand the management of risk.The following guidance documents are available online from:http://infostore.saiglobal.com/store/ISO 31000:2009 Risk management — Principles and guidelinesISO Guide 73:2009 Risk management — VocabularyISO 31000: Risk management – A practical guide for SMEs. ISO, InternationalTrade Centre and the United Nations Industrial Development Organization. ISBN978-92-67-10645-8, 2015ISO/TR 31004:2013 Risk management - Guidance for the implementation of ISO31000, ISO, 11.10.2013. (Also published on 30.11.2013 by BSI as PD ISO/TR31004:2013)BS 31100:2011 Risk management. Code of practice and guidance for theimplementation of BS ISO 31000, British Standards Institute, ISBN:978 0 58071607 2, 30 06 2011
CSA Q31001:2011 Implementation Guide To CAN/CSA-ISO 31000, RiskManagement - Principles And Guidelines, Canadian Standards Association, 0103 2011.NWA 31000:2010 National Guidance on Implementing I.S. ISO 31000:2009 RiskManagement - Principles and Guidelines, National Standards Authority ofIreland, 05 03 2010.Swift Compendium for Business,National Standards Authority of Ireland/Institute of Directors in Ireland 10 03 2010.ÖNORM ONR 49002-1:2010 Risk Management For Organizations And Systems Part 1: Guidelines For Embedding The Risk Management In The ManagementSystem – Implementation Of ISO 31000, Austrian Standards Institute, 01 012010ÖNORM ONR 49002-2:2010 Risk Management For Organizations And Systems Part 2: Guideline For Methodologies In Risk Assessment – Implementation OfISO 31000, Austrian Standards Institute, 01 01 2010ÖNORM ONR 49002-3:2010 Risk Management For Organizations And Systems Part 3: Guidelines For Emergency, Crisis And Business ContinuityManagement - Implementation Of ISO 31000, Austrian Standards Institute, 0101 2010
The following Australian/New Zealand documents are available online from:http://infostore.saiglobal.com/store/SA/SNZ HB 89:2013 Risk management - Guidelines on risk assessment techniques, StandardsAustralia/Standards New Zealand, ISBN 978 1 74342 644 9, 18.12.2013.AS/NZS 5050:2010 Business continuity—Managing disruption related riskAS/NZS ISO/IEC 27005:2012 - Information technology—Security techniques—Information security riskmanagement (ISO/IEC 27005:2011, MOD)SAA HB 141 (Rev):2011 Risk Financing Guidelines, Standards Australia, 06.05.2011SAA HB 158 (Rev):2010 Delivering assurance based on ISO 31000:2009 Risk Management, StandardsAustralia, 16.11.2010SAA/NZS HB 203:2012 Environmental risk management – Principals and process, StandardsAustralia/Standards New Zealand.SAA/NZS HB 246 (Rev):2010 Guidelines for Managing Risk in Sport and Recreation, StandardsAustralia/Standards New Zealand, 18 August 2010SAA HB 266:2010 Guide for managing risk in Not-For-Profit organisations, Standards Australia,13August 2010SAA/NZS HB 327:2010 Communicating and consulting about risk, Standards Australia /Standards NewZealand, ISBN 978-0-7337-9346-2, Standards Australia, 2010SA/SNZ HB 436-2013 Risk Management Guidelines - Companion to AS/NZS ISO 31000:2009, StandardsAustralia/Standards New Zealand, ISBN 978 1 74342 633 , 16.12.2013.
The following Handbooks based on the superseded AS/NZS 4360:2004 requirerevision to bring them into harmonisation with AS/NZS ISO 31000:2009: HB 167:2006 - Security risk management, Standards Australia/Standards NewZealand.SAA HB 231:2004 Information Security Risk Management Guidelines, StandardsAustralia.SAA HB 240-2004 Guidelines for Managing Risk in Outsourcing using theAS/NZS 4360:2004 Process, Standards Australia.SAA/NZS 221:2004 Business Continuity Management,Standards Australia/Standards New Zealand.SAA HB 292:2006 A Practitioners Guide to Business Continuity ManagementStandards Australia (2006)SAA HB 293:2006 An Executive Guide to Business Continuity ManagementStandards Australia (2006)(NOTE: HB’s 221, 292 & 293 have been superseded by AS/NZS 5050:2010. A new HB may be developed as a companion to AS/NZS 5050:2010)SA HB 296:2007 Legal Risk Management, Standards Australia (2007), ISBN 07337 8295 7.
History of the ISO and Risk Management Over 80 separate ISO and IEC Technical Committees are addressing aspects of risk management 27th June 2002, ISO/IEC Guide 73, Risk Management - Vocabulary” published. 2004 ISO Technical Management Board (TMB) – approached by Australia and Japan – AS/NZS 4360:2004 to be ad
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IEC has formed IECRE for Renewable Energy System verification - Component quality (IEC 61215, IEC 61730, IEC 62891, IEC 62109, IEC 62093, IEC 61439, IEC 60947, IEC 60269, new?) - System: - Design (IEC TS 62548, IEC 60364-7-712, IEC 61634-9-1, IEC 62738) - Installation (IEC 62548, IEC 60364-7-712)
IEC 61869-9, IEC 62351 (all parts), IEC 62439-1:2010, IEC 62439-3:2010, IEC 81346 (all parts), IEC TS 62351- 1, IEC TS 62351- 2, IEC TS 62351- 4, IEC TS 62351- 5, Cigre JWG 34./35.11, IEC 60044 (all parts), IEC 60050 (all parts), IEC 60270:2000, IEC 60654-4:1987, IEC 60694:1
ISO/IEC 27011:2008 . Information security management guidelines for tele-communications organizations based on ISO/IEC 27002. ISO/IEC 27013:2015 . Guidance on the integrated implementation of ISO/IEC 27001 . and ISO/IEC 20000-1. ISO/IEC 27014:2013includes nearly 20 standards. The . Governance of information security. ISO/IEC 27015:2012
ISO/IEC 27002 was prepared by Joint Technical Committee ISO/IEC JTC 1, Information technology, Subcommittee SC 27, IT Security techniques. This first edition of ISO/IEC 27002 comprises ISO/IEC 17799:2005 and ISO/IEC 17799:2005/Cor.1:2007. Its technical content is identical to that of ISO/IEC 17799:2005.
ISO/IEC 27001:2005 ISO/IEC 27002:2005 . ISMS Standards ISO/IEC 27001, 27002 . 23 / VSE-Gruppe 2013 . Standardization under ISO/IEC 27000 Standards Series in Cooperation with Additional Consortia . ISO/IEC 27001: Information Security Management System (ISMS) ISO/IEC 27002: Implementation Guidelines for ISO/IEC 27001 Con
The new IEC 61439 series is expected to have a similar structure to IEC 60439 with several new additions*: IEC 60439 IEC 61439 Series IEC 61439-1 General rules IEC 61439-2 Power switchgear and controlgear assemblies IEC 61439-6 Busbar trunking systems IEC 61439-3 Distribution boards IEC 61439-4 Assemblies for construction sites IEC 61439-5
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