BS 31100 Draft. Code of practice for risk management.

Organizations of all types and sizes face a range of risks affecting the achievement of their objectives and influencing all decision-making. Risk management supports intelligent and effective decision-making in order optimize the level of calculated risk taken and recognize opportunities where taking risks might benefit the organization. Managing risks increases the likelihood of success and reduces the likelihood of failure. In essence, good risk management is good management.

The benefits of good risk management (and the downsides of bad risk management) will be felt by an organization's staff, management, shareholders, customers and other stakeholders.

Risk management is continuous, systematically addressing the risks surrounding an organization's activities, and wholly integrated into the culture of the organization.

Risk management applies at all levels of an organization and to all activities.

Draft BS 31100 provides definitions of risk management terms and a guide to risk management principles, models, framework and processes. Its purpose is to assist organizations to achieve their objectives through effective risk management.