Reaffirmed 2023

NATIONAL FOREWORD

This Indian Standard (First Revision) which is identical with ISO 31000: 2018 ‘Risk management - Guidelines’ issued by the International Organization for Standardization (ISO) was adopted by the Bureau of Indian Standards on recommendation of the Management and Productivity Sectional Committee and approval of the Management and Systems Division Council.

This standard was originally published in 2009 which was identical with ISO 31000 : 2009 ‘Risk management - Principles and guidelines’. The first revision of this standard has been undertaken to align it with the latest version of ISO 31000 : 2018. The text of ISO Standard has been approved as suitable for publication as an Indian Standard without deviations. Certain terminologies and conventions are, however, not identical to those used in Indian Standards. Attention is particularly drawn to the following:

a) Wherever the words ‘International Standard’ appear referring to this standard, they should be read as ‘Indian Standard’.

b) Comma (,) has been used as a decimal marker, while in Indian Standards, the current practice is to use a point (.) as the decimal marker.

The major changes in this revision are as follows:

a) Review of the principles of risk management, which are the key criteria for its success;

b) Highlighting of the leadership by top management and the integration of risk management, starting with the governance of the organization;

c) Greater emphasis on the iterative nature of risk management, noting that new experiences, knowledge and analysis can lead to a revision of process elements, actions and controls at each stage of the process; and

d) Streamlining of the content with greater focus on sustaining an open systems model to fit multiple needs and contexts.