Canada, ISA adopt ISO 31000 risk management standard

CSA Standards announced Canada’s adoption and availability of the ISO 31000 risk management standard. CAN/CSA ISO 31000 Risk Management – Principles and Guidelines is a national standard that provides principles, framework, and process for managing risk in a transparent, systematic and credible manner. ISO 31000 is not specific to any country, industry or sector and can be used by any public, private or community enterprise, association, group or individual.

"These principles and guidelines in ISO 31000 Risk Management serve as an overarching guide for organizations and individuals to help incorporate internationally-recognized best practices for identifying and managing risks across financial, strategic, and operational areas," says Doug Morton, director of Life Sciences & Business Management at CSA Standards. "The Canadian adoption of the ISO 31000 Risk Management standard will enable Canadian organizations to compare their practices with an internationally-recognized benchmark, providing them with sound principles for effective risk management."

Risk management is the identification, assessment and treatment of "risks" that may affect an organization, business or municipality, negatively, including those which can occur through accidents, disasters, natural causes, legal or financial liabilities or opportunities, or positively, such as new technologies, business ventures or continual improvement.

The standard will help users manage such risks though careful consideration and awareness of vulnerabilities and opportunities arising from potential and existing risk sources so that they can implement and continuously improve a risk management framework as an integral component of their organization’s governance and management system. ISO 31000 can be integrated with other management systems such as ISO 14001 Environmental Management; Z1000 Occupational Health and Safety Management; the OHSAS 18001 Occupational Health and Safety Management System Requirements; and Z1002 Occupational Health and Safety – Hazards and Risks – Identification, assessment, elimination and control (currently under development).

It can also be applied throughout the life of an organization, and to a wide range of activities, including strategies and decisions, operations, processes, functions, projects, products, services and assets.

Following approval by the Standards Council of Canada, the CAN/CSA ISO 31000 Risk Management – Principles and Guidelines standard is now being offered by CSA Standards as a National Standard of Canada.

This standard is not a certification standard. While providing principles and guidelines, it also enables organizations the flexibility to develop and implement risk management in a uniform way that also meets the needs of the organization and its stakeholders.

The CAN/CSA ISO 31000 is available for purchase in both English and French at www.shopcsa.ca.