Risk management for organisations and systems

Update 2010

Executive Summary on ONR 49000 - Practical use of ISO 31000

Risk management aims at reducing uncertainty in decision making, improving the achievement of objectives by organisations and raising the safety of systems. The fields in which risk management is applied are manifold:

• Internationally recognised principles of corporate governance state that risk management is the responsibility of top management.
• Industry- and sector-specific legislation and standards refer to risk management to guarantee the protection of exposed groups, such as consumers, patients and employees, and to facilitate international trade in goods.
• Supervisory legislation for banks and insurance companies stipulates that their capital requirement has to be calculated as a function of the overall risk of business activities.

For all those fields of application, comprehensive basic documents, in particular related to terminology and concepts, have already been prepared.