IEC 31010, The New International Standard for Risk Management

IEC 31010 Pervidi

IEC 31010 provides another weapon for managers wanting to mitigate risk. In 2002, Donald Rumsfeld stated that “there are known knowns; there are things we know we know. We also know there are known unknowns; that is to say we know there are some things we do not know. But there are also unknown unknowns – the ones we don’t know we don’t know”. What can we learn from this? That sometimes it is impossible to foresee every possible outcome and we can only ensure that we are as prepared as possible. This applies widely to all business and organisations across industries. Regardless of how good your planning may be, there will always be events that are unforeseen, and so having a risk mitigation and risk management strategy is hence crucial. To combat risk and help manage it, the ISO published ISO 31000 – Risk Management. Now with the publication of IEC 31010 – Risk Management, the ability to deal with unforeseen events and occurrences becomes easier than ever.

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”.

IEC 31010 mainly focuses on

  • Providing detail on the procedure of planning and implementation of risk management techniques
  • Easing the verification and validation process in risk management
  • Expanding the range and application of risk management techniques
  • Updating or replacing outdated risk management strategies and techniques

More information about IEC 31010 can be found at:

Source: https://www.iso.org/obp/ui/#iso:std:iec:31010:ed-2:v1:en,fr

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