Canada Adopts ISO 31000 Risk Management Standard

It will "help [users] incorporate internationally recognized best practices for identifying and managing risks across financial, strategic, and operational areas," said Doug Morton, director of Life Sciences & Business Management for CSA Standards.

Canada has adopted the ISO 31000 Risk Management standard, CSA Standards announced Feb. 4. CAN/CSA ISO 31000 Risk Management – Principles and Guidelines provides a framework and process for managing risk in any country or industry sector. It may be used by any public, private, or community organization, association, or individual. Following approval by the Standards Council of Canada, it is now a National Standard of Canada.

"These principles and guidelines in ISO 31000 Risk Management serve as an overarching guide for organizations and individuals to help incorporate internationally recognized best practices for identifying and managing risks across financial, strategic, and operational areas," said Doug Morton, director of Life Sciences & Business Management for CSA Standards. "The Canadian adoption of the ISO 31000 Risk Management standard will enable Canadian organizations to compare their practices with an internationally recognized benchmark, providing them with sound principles for effective risk management."

The standard will help end users evaluate risks, vulnerabilities, and opportunities as they implement and continuously improve a risk management framework within their organizations' governance and management systems. ISO 31000 can be integrated with ISO 14001 Environmental Management; Z1000 Occupational Health and Safety Management; OHSAS 18001 Occupational Health and Safety Management System Requirements; and Z1002 Occupational Health and Safety – Hazards and Risks – Identification, assessment, elimination and control, which is currently under development.

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