ISO standards talk about the need for risk management in the organizations. These guidelines help us to get prepared for future

1. New Featured Standard
ISO 31000-2018

2. Five things you need to know
There are five differences between the 2009 and 2018 versions
1) New simplified language with purpose statements
 Technical terms and definitions were reduced from 29 to 8
2) Value creation and protection - eight new principles for risk
framework and process include:
 A structured, integrated and comprehensive approach to risk
 Customizing to include stakeholders and consider human and cultural factors
 Being dynamic and responsive to organizational changes
 Using best practices for learning, adapting and continually improving

3. Five things you need to know (continued)
There are five differences between the 2009 and 2018 versions
3) Total integration
 Across all employees and all activities
4) Leadership from management
 Oversight bodies are accountable for overseeing risk management
5) Risk management is an interactive process
 Manage risk when decisions are being made
 Repetition of a sequence of operations yields results successively
closer to a desired result

4. The Risk Management
Process
XXXXX
 It’s a continuous process
 There is a logical flow to the
process
 An organization can implement
risk management at any part of
the organization and at any part
of the cycles a continuous process
 There is a logical flow to the process
 An organization can implement risk
management at any part of the organization
and at any part of the cycle
Communication
&
Consultation
Monitoring
&
Review
Recording & Reporting
Risk Treatment
Scope, Context, Criteria
Risk Assessment
Risk
Identification
Risk
Analysis
Risk
Evaluation
Risk Management
Process
 Brainstorming
 Checklists
 Interviews
 Delphi Technique
 Nominal Group
 Causal Factors
 HAZID & RISKID
 Risk Criteria
 Risk Matrices
 Spider Chart
 Pareto Analysis
 What-If Analysis
 Fault Tree
 Event Tree
 Bow Tie Analysis
 LOPA
 Striped Bow Tie
 HACCP
 Risk Indices
 Risk Matrices
 ALARA/ALARP
 Hierarchy of
Controls
 Cost/Benefit
Analysis
 Financial Benefits
 Non-financial
Benefits
 Multi-Criteria
Analysis
 Risk Register
 Risk Reports
 Key Risk Indicators
 Key Performance
Indicators
 Risk Management
Performance
 Risk-based Decision
 Risk Register
 Risk Reports
 Assessment Triggers
Graphic developed by Bruce K. Lyon, adapted from IEC/DIS 31010-2018

5. ASSP has published a new book on risk
Risk Management Tools for Safety Professionals
by Bruce K. Lyon and Georgi Popov
 The authors expand on the ISO 31000, Z690, Z10 and Z590.3
standards providing a step-by-step guide to the risk management
process
 The book includes practical examples of risk management applications
and prevention through design concepts
 The authors make use of case studies on risk treatment and
business interface
 Downloadable interactive tools and 28 risk management tools
are included