Risk Management Standards

Risk management is a crucial area of responsible business practice. The Institute of Risk Management (IRM) as well as other partners, created this standard to clarify the use and meaning of certain terminology, stipulate the process and organisational structure by which risk management can be carried out and also lay out the objectives for risk management.

In effect, the standard represents some form of best practice in the area, against which businesses can measure themselves. It is aimed at helping businesses with their risk management by pointing out some crucial focal areas and giving companies an insight into how best approach the area. While the standard does not give a formal framework of requirements that can lead to certification, it does allow businesses to deem themselves compliant, providing they address the recommended components.