Risk Management

The first set of standards designed to enhance best practices for safety, health, and environmental professionals in the risk management and insurance industries have been released by the American Society of Safety Engineers (ASSE). The risk management standards are titled Z690.1, Z690.2, and Z690.3. They cover vocabulary for risk management, principles and guidelines, as well as, risk assessment techniques.

Z690.1-2011 Vocabulary for Risk Management defines terms related to risk management and encourages mutual and consistent understanding of risk management activities and the use of uniform risk management terminology. ASSE notes that this standard could be used by all professionals engaged in managing risks and developers of national or sector-specific standards, guides, procedures, and codes of practice relating to risk management. Note: Z690.1 is identical to ISO Guide 73:2009.

Z690.2-2011 Risk Management-Principles and Guidelines provides guidelines for design and implementation of risk management plans, which can be adjusted based on the industry. They provide a guide for the design and implementation of risk management programs. Note: Z690.2 is identical to ISO 31000:2009.

This standard can be applied throughout the life of an organization and to a wide range of activities, including strategies and decisions, operations, processes, functions, projects, products, services, and assets. In addition, this standard can be applied to any type of risk, whatever its nature, whether having positive or negative consequences.

It is intended that this standard be utilized to harmonize risk management processes in existing and future standards. It provides a common approach in support of standards dealing with specific risks and/or sectors and does not replace those standards. This standard is not intended for the purpose of certification.

Z690.3-2011 Risk Assessment Techniques supports Z690.1, providing guidance on selecting and applying systematic techniques for risk assessment. Note: Z690.3 is identical to ISO 31010:2009.

Risk assessment carried out in accordance with this standard contributes to other risk management activities. The application of a range of techniques is introduced, with specific references to other national and international standards where the concept and application of techniques are described in greater detail. This standard is not intended for certification, regulatory, or contractual use.

Standards Package
The three standards are available as a Z690 package at this ASSE web page. The list price for the package (electronic or hard copy) is $139.38. The ASSE member price is $99.00. Please note that the ANSI list price for the equivalent ISO Risk Management package is $420.00.