Risk Management Handbook - ENGINEERING MANAGEMENT

Risk Management Standard: The International Risk Management Standard AS/NZS ISO 31000:2009 (the Standard) provides the principles an...

Risk Management Handbook


Risk Management Standard:
The International Risk Management Standard AS/NZS ISO 31000:2009 (the Standard) provides the principles and guidelines for risk management. 

According to the Standard, “the success of risk management will depend on the effectiveness of the management framework providing the foundations and arrangements that will embed it throughout the organization at all levels.” Within the Standard, the expressions, ‘risk management’ and ‘managing risks’, are both used. In general terms:
  • risk management refers collectively to the principles, framework, and process for managing risks effectively
  • managing risks refers to the application of these principles, framework, and process to particular risks.

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