Background

Press Release September 2002 (pdf – 138Kb)

The Risk Management Standard was the result of extensive work by a team drawn from the major risk management organisations in the UK - The Institute of Risk Management, The Association of Insurance and Risk Managers (AIRMIC), and ALARM - The National Forum for Risk Management in the Public Sector.

The members of the respective organisation were extensively canvassed, and the views and opinions of a wide range of other professional bodies with interests in risk management, audit and corporate governance were sought during an intensive period of consultation.

Risk management and corporate governance were seen as rapidly developing business imperatives but there were many, in some cases conflicting, views and descriptions of what they should involve.

Some form of standard was needed to ensure that there was an agreed:

	terminology related to the words used
	process by which risk management can be carried out
	organisational structure for risk management
	objective for risk management

The intention was to develop a practical Standard which was not certifiable and was not prescriptive with regard to specific actions and processes but instead set out the principles which were to be followed in the undertaking of a risk management approach to business. Most significantly perhaps, the Standard recognised that risk has both an upside and a downside

The Standard has rapidly become the de facto document for risk management practitioners and for corporations in the UK for the management of risk and to meet corporate governance requirements.

The IRM Diploma are based on the Risk Management Standard, as are the IRM Certificate and the Management of Risk and Uncertainty two day training course.

For information on Risk Management, education and training, please see Courses.

IRM would like to thank FERMA for translating the European versions.