Global risk standard in the works

GENEVA – The Geneva-based International Organization for Standardization (ISO) is developing a global standard for risk management, according to Nicki Dennis, head of risk market development at the British Standards Institute (BSI) in London.

Dennis and the BSI launched a UK committee on risk management in late August. The committee will focus on developing a UK risk standard, and also serve as the UK spokespeople on the international standard committee. The development of a risk management standard – which Dennis likens to the US Committee of Sponsoring Organisation's (Coso) enterprise-wide framework, or a similar standard created in Australia – will take between 18 months and two years to create, says Dennis.

Dennis admits that