Federation of European Risk Management Associations
Overview: The Risk Management Standard is the result of work by a team drawn from the major risk management organisations in the UK – The Institute of Risk Management (IRM), The Association of Insurance and Risk Managers (AIRMIC) and ALARM The National Forum for Risk Management in the Public Sector.
In addition, the team sought the views and opinions of a wide range of other professional bodies with interests in risk management, during an extensive period of consultation.
Risk management is a rapidly developing discipline and there are many and varied views and descriptions of what risk management involves, how it should be conducted and what it is for. Some form of standard is needed to ensure that there is an agreed:
- terminology related to the words used;
- process by which risk management can be carried out;
- organisation structure for risk management;
- objective for risk management.
Importantly, the standard recognises that risk has both an upside and a downside.
