Implementing Risk Management

Risk Management – Article 5

Implementing Risk Management

Keshav Ram Singhal

Clause 4.4 of ISO 31000:2009 deals with guidelines for implementing risk management and processes to implement risk management mentioned in sub-clauses are related to:
4.4.1 – Implementing the framework for managing risk
4.4.2 – Implementing the risk management process

Implementing risk management framework

To implement risk management framework, the organization should:

- Define the appropriate timing for implementing risk management framework
- Define the strategy for implementing risk management framework
- Apply organization’s risk management policy to organizational processes
- Apply organization’s risk management process to organizational processes
- Comply statutory and regulatory requirements
- Ensure developing and setting of objectives and decision-making supporting (aligning) with organization’s risk management processes results
- Keep and maintain information and training sessions
- Communicate and consult with stakeholders to ensure risk management framework to be appropriate

Implementing risk management process

Risk management process should be implemented:

- Through a risk management plan as per guidelines given in clause 5 of ISO 31000:2009 standard
- Ensuring implementation of the risk management process at all relevant levels and functions of the organization
- Ensuring implementation of the risk management process as part of the organization’s process and practice.