Well, I am breathing easier and so should everyone else who thought AS/NZS 4360 was to be consigned to the scrap heap. With the new ISO 31000 Risk Management draft standard doing the rounds, it is clear now that it is more than familiar to anyone who used the Australia developed standard that has served us so well for the past 12+ years. And that means there is not going to have to be a whole relearning of something that - clearly - seems to have caught the vibe much better than the mercilessly intricate COSO. Still, whilst there is no need for major revision, risk managers - and indeed all business leaders - should familiarize themselves with what will be a global standard over the next few years. Whilst ISO 31000 is unlikely to be a standard for certification like ISO 9001, it will form the basis of best practice for many industries and thus be a common language for people to speak about challenges.
Whilst it may still be tweaked, what you see is now pretty much what you'll get. And at 26 pages, it somehow has a bit more appeal than a lot of other things on my - and likely your - todo list...
