IEC 31010 provides another weapon for managers wanting to mitigate risk.
IEC 31010 outlines a process to be followed when examining risk, all the way from definition to delivery of a risk report. It brings together a vast range of risk assessment techniques including identification steps and how to understand how unforeseen events can impact the business or assets. When used in complementation with ISO 31000, IEC 31010 has an expanded range of application and provides the user with a high level of risk management detail. As the IEC and ISO risk management strategies follow an internationally agreed step by step process, the best practice can be ensured, with benchmarks and frameworks guiding the user through the course of analysis. Professor Jean Cross, Convenor of the expert group maintaining IEC 31010 described the standard as “an invaluable component to ISO 31000 in its detail of advantages and disadvantages of various risk management techniques”.
