Tag Archives: risk management standard

Risk management – Vocabulary

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Revised on: 2015-11-20

What is risk management in supply chains? The more I study supply chain risk management, the more confused I get. The supply chain risk literature is inconsistent at best at conflicting at worst. There are so many terms and definitions,  and each author, book, paper, or article seem to have its own way of describing the subject matter. Perhaps they haven’t heard about ISO Guide 73:2009 Risk Management Vocabulary? After all, it provides the definitions of many of the generic terms related to risk management. That is why this post will present some of the most frequent used terms relating to the management of risk in an attempt to promote a coherent approach to the description of activities. Will it help? I’m not sure, but the least I can do is spread the word.

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ISO 28002 – Supply Chain Resilience

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Revised on: 2015-09-20

Have you heard of ISO 28002?  No? You should take note of this standard, because the ISO 28000 series specifies the requirements for a security management system for the supply chain. The standards address potential security issues at all stages of the supply process, thus targeting threats such as terrorism, fraud and piracy. The most recent addition to the series is ISO 28002: Security management systems for the supply chain – Development of resilience in the supply chain, published in September 2010. ISO 28002 details how an organization can engage in a comprehensive and systematic process of prevention, protection, preparedness, mitigation, response, continuity and recovery. This post will take an inside look at ISO 28002 and highlight the essential content.

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The IRM Risk Management Standard

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Revised on: 2015-09-09

The Institute of Risk Management (IRM) is risk management’s leading international professional education and training body. Together with The Association of Insurance and Risk Managers (AIRMIC) and Alarm (The Public Risk Management Association) they published their Risk Management Standard  in 2002. Good corporate governance requires that companies adopt a methodical approach to risk management, and the  IRM Risk Management Standard provides the toolbox. Interestingly, but perhaps not so surprising, that standard shares much common views with the current views on supply chain risk.

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