The UK Standards

The UK Risk Management Standards

In the United Kingdom, many of these documents focusing on risk management, stem from the Institute of Risk Management (IRM). This document compares with the AS/NZS ISO 31000 in many ways. The risk management process along with all the contributing factors are tabled and explained. The IRM document explains the risk estimation procedures and provides clear tables of easily understood information on the probability of occurrences, threats and opportunities (IRM 2009, p.2). It categorises these factors into risk categories ranging from Low, Medium and High (IRM 2009, p17). The Australian documentation section provides similar information, but in many ways is more readily understood. This is because the IRM document needs to refer to legal requirements for policy statements due to the fact that these documents are not legislation, but may in time become legislation.

The IRM document also focuses heavily on the role of the internal auditing process (IRM 2009, p.4). The IRM Risk Management Standard is more readily available to all organisations and individuals because the IRM is a non-for-profit organisation, and provides this product free to download.