In light of the COVID-19 crisis, we are postponing publication of Part III of our conversation with Kevin Knight on the history of ISO 31000 and ERM in order to bring you this important guest essay by Matt Warnock and Sommer Sheely, attorneys with Bricker & Eckler, who discuss the application of force majeure to business disruptions caused by the pandemic.
Part III of our Conversation with Kevin Knight tells the story of how the Australian/New Zealand standard for enterprise risk management became an international standard known as ISO 31000.
ERM in the Age of Pandemics: History Lessons for Business Leaders – Part VII (The Transition to ISO 31000 Begins With Vocabulary)
Long before the COVID-19 pandemic, the field of standardization worked to develop a useable framework to help organizations manage risk and uncertainty in a holistic way. This article traces the conversion of AS/NZS 4360 to ISO 31000 which began in the late 1990s with an interim step to build a basic vocabulary of terms associated with managing risk.
Lori Siwik and Mark Siwik are the founders of SandRun Risk. They apply the principles of vertical leadership and lean six sigma to the discipline of risk management. From time to time they share their blog with guest authors who write about important risk management principles.