BUSINESS STANDARDS
is the quarterly magazine of BSI Group, highlighting the vital role that standards play in today's business environment. Regular features include interviews with leading business figures, as well as news on the latest developments in management systems and standards.
Less risky business
30 Jan 2009
Topics: Risk management, BS 31100
BS 31100 Code of practice for risk management has been published by BSI, establishing principles and terminology for risk management, and offering recommendations for the model, framework, process and implementation of a risk management system.
"If you read any CEO survey these days, the top answer as to what's keeping them awake at night will be economic volatility," says Julia Graham, chair of the BS 31100 drafting committee.
"The credit crunch and what has followed has woken boards up to the fact that failures in risk management are fundamental and part of the reason why they are in the position they are in now.
"BS 31100 raises the profile of risk management at just the right time. It could become a benchmark for organizations that do not want to make the same mistakes as others."
The standard can be used by organizations of any size and in any sector as a basis for developing, implementing and maintaining effective risk management.
And it's not just about avoiding risk: according to research conducted by BSI, businesses in the UK are still prepared to take risks despite testing economic times. According to the BSI British Standards annual Business Barometer, 74 per cent of the FTSE 250 surveyed in 2008 reported no difference in the willingness of their company to take risks now compared with 12 months ago. Only 15 per cent thought that their organization would be less disposed to risk taking.
The survey also found that 87 per cent believe that risk management protects revenue and enhances value for money, while 71 per cent of organizations surveyed view risk taking as a positive activity.
For more information: www.bsigroup.com/jan09bs31100
Business Standards © 2007. Editorial produced by Caspian Publishing in association with the British Standards Institution. Editorial opinions expressed on are not necessarily those of BSI Group or Caspian Publishing. Neither Caspian Publishing nor BSI Group accept responsibility for advertising or editorial content, nor for that appearing on linked third-party websites. Reproduction in whole or in part is forbidden without written permission from BSI Group or Caspian Publishing.
Gerda, a leading developer and manufacturer of products for the security industry, has become the first company to be awarded the Kitemark for thief-resistant lock assemblies, in line with BS 10621:2007 Thief resistant dual-mode lock assembly.
OCS, an international facilities services group based in the UK, has achieved triple certification to ISO 9001 Quality management, ISO 14001 Environmental management/ and BS OHSAS 18001 Health and safety management with BSI.
A little bit extra for Kitemark® bodyshops and garages
It's all well and good for an automotive bodyshop to earn the Thatcham BSI Kitemark® for Vehicle Body Repair, but it won't have as much impact if potential clients don't know about it. As a consequence, BSI decided to offer an Extras marketing toolkit to bodyshops and garages that have earned the Kitemark.
Anglian Building Products (ABP), the business-to-business division of Anglian Windows Ltd, has achieved certification to ISO 14001 Environmental management systems following an audit by BSI.
Integra ICT Hits environmental high
Integra ICT, the Bedfordshire-based telecoms provider, has achieved certification to ISO 14001 Environmental management from BSI.
Question: Can standards really help minimize the need for regulation?
Regulation and legislation keep business on a level playing field and help mitigate against risk, as was acknowledged by The Hampton Review in 2005.
Have a standards-related question for BSI or a comment on the website? We'll find the right person to answer.
