Posts Tagged ‘ 31000 ’

More subdued view of ISO 31000

December 3, 2009

Chris McClean, who blogs for Forrester reminds us that ISO 31000 will not be a game-changer nor start a revolution in the immediate future. He agrees with many that organizations will benefit from a “commonly accepted risk vocabulary and a clearly defined process framework for risk management” however the biggest hurdles in risk management do not usually come from a misunderstanding of concepts, but rather from a difficulty translating those concepts into practical tools and processes.” As your Riskczar, I am not one to get too excited by a framework, but it’s nice that 31000 is getting some well-deserved attention.…

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Half-risk management is not risk management

December 1, 2009

Many organizations think that they can pick and choose which parts of an ERM framework to use and call what they do “risk management”. I say that identifying a few risks and performing some assessments is not risk management: this is only half-risk management. When I see this sort of thing, it reminds me of Raiders of the Lost Ark. In the movie, the Nazis are trying to figure out where the Ark of the Covenant is buried based on the inscriptions from one side of the medallion burned on to the hand of the sinister Gestapo agent. Because they…

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Risk management standards expert supports ISO 31000

November 27, 2009

Risk management standards expert Kevin Knight says ISO 31000 is “a more concise, clear and flexible set of guidelines developed for risk management.” He also indicates that it will be more helpful in “supporting corporate governance for risk management among companies and enterprises”. Click here to rest of the story.

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Happy Thanksgiving – have a turkey

November 26, 2009

It’s Thanksgiving in the US, a day traditionally spent with family and marked by the enjoying of a turkey. Well, since the release of ISO 31000 last week, it is pretty clear that COSO ERM framework is the biggest turkey of them all. So give COSO ERM one final read this today. And like eating too much of the cooked bird, too much COSO ERM will also put you to sleep. Happy Thanksgiving from the Riskczar.

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More glowing reviews of ISO 31000

November 25, 2009

Bruce McCuaig, VP of risk and compliance at Paisley is very excited about ISO 31000 Risk Management – Principles and Guidelines. He writes “This is 24 pages every assurance professional must read.” To read his complete review, visit his blog here. I think if we get one more review like this to go with Tim Leech’s, we can pretty much stick that fork in COSO ERM.  

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COSO ERM book is like an 8-Track player

November 24, 2009

I have to give my props to Harry Cendrowski and William C. Mair of Cendrowski Corporate Advisors for writing a book about enterprise risk management, but writing one titled “Enterprise Risk Management and COSO: A Guide for Directors, Executives, and Practitioners,” with the word “COSO” right there in the title is troubling to me. The authors note: “Two comprehensive foundations for risk assessment developed by the Committee of Sponsoring Organizations of the Treadway Commission – COSO’s ‘Internal Control–Integrated Framework’ and the ‘Enterprise Risk Management–Integrated Framework’ – serve as the foundation for detailed chapters on risk management.”   I don’t know…

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Tim Leech raves about ISO 31000

November 22, 2009
Tim Leech raves about ISO 31000

I just found some cash in the pocket of my winter coat which I was planning on spending on a Slap Chop™ and a Mike Cammalleri jersey but I decided it would be better spent on my very own copy of the new Risk Management–Principles and Guidelines (ISO 31000). For those of you awaiting my review, Tim Leech’s review is good enough for me. And while he suggests this is the best 112 Swiss Francs you will ever spend, I would argue that a 10 lb Toblerone would be the best 112 Swiss Francs you ever spend, with ISO 31000…

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I’ll review ISO 31000 if you send me a copy

November 19, 2009

It looks like the long-awaited new International Standard, ISO 31000:2009, Risk management – Principles and guidelines is finally out and can be yours for only CHF 112, or about USD 110 or CAD 116. Here’s the link to the press release http://www.iso.org/iso/pressrelease.htm?refid=Ref1266 I am fresh out of Swissees these days. If anyone has a copy and would like me to review it for readers of Riskczar.com, please email the pdf to me at riskczar@gmail.com. UPDATE 11/22/09 – Apparently for copyright reasons, I will need to get my own copy. Thanks Tim and Dave.

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ISO 31000 is the “New Age in Risk Management”

October 29, 2009

Courtesy of Reuters http://www.reuters.com/article/pressRelease/idUS246464+28-Oct-2009+BW20091028 From October 2009 corporations of different sizes and industries will be faced with a new universal standard focused on Risk Management. Dubbed ISO 31000: Principles and guidelines for risk management; the new guidelines were developed by the Organization for Standardization (ISO) in response to the need to standardize the existing norms, regulations and frameworks related to risk management. The standards, which may be applied to companies and individuals alike, include guidelines for the implementation of risk management within organizations of any type, size and segment, stem from the need of corporations to address the uncertainties that…

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From AS/NZS 4360 to ISO 31000 – A history lesson

October 23, 2009

A consultant from New Zealand named Chris Peace, traces the history of the AS/NZS 4360 standard and the new ISO 31000, due out just in time for Christmas, in this copy of Safety and Health Practitioner dated October 16, 2009. Although the original 1995 edition of the AS/NZS 4360 standard was developed from earlier risk-management ideas and processes it was nonetheless ground-breaking as the first standard published on risk management. The subsequent 1999 edition added the “communicate and consult” stage, and a number of handbooks on aspects of risk management was also developed, the majority jointly by Australia and New…

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