There are several standards in the field of risk management:
FERMA
Not only does it list the different types of risks, but it also specifically points out the factors that need to be analyzed first.
The Corporate Financial Risk Management Regulation, proposed by FERMA and published in 2002, is a document developed by practitioners. It facilitates the implementation of risk management procedures in a company by listing specific actions to be taken.
COSO
COSO is a standard developed by engineer data package the Committee of Sponsoring Organizations of the Treadway Commission (USA, Canada, PricewaterhauseCoopers), known as The Committee of Sponsoring Organizations of the Treadway Commission. The first version of this standard was presented in 1992. COSO carries a risk management model that covers all levels of the organization. This standard contains key principles for implementing management processes. In addition, in COSO you will find specific examples of successful application of the model.
ISO
ISO is a standard actively used in Russia, according to the Order of the Federal Agency for Technical Regulation and Metrology dated December 21, 2010 No. 883-st, officially known as “GOST R ISO 31000-2010 – Risk Management. Principles and Guidelines”.
This standard is a translation of the international standard ISO 31000:2009 "Risk management. Principles and guidelines". In addition to it, "GOST R ISO 31010 - 2011 - Risk management. Risk assessment methods" is also actively used, based on the terminology proposed by the standard "GOST R 51897-2011 / ISO Guide 73:2009 - Risk management. Terms and definitions".
ISO standard
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The ISO standard is a universal tool used by companies from a wide range of fields of activity, regardless of industry, structure and management principles.
The main decision-making mechanism within ISO is reporting. The ISO standard itself does not contain report templates. This gives companies a certain freedom of choice.
The FERMA standard provides detailed recommendations on the content of reports. However, FERMA does not provide specific advice on the construction of risk maps, although the document emphasizes the importance of their development.
The COSO standard, without establishing a specific composition of reporting, focuses on the construction of risk maps. The use of such a template is important for business, since it ensures the tracking of potential dangers and the analysis of missed opportunities. Risk maps are also an effective tool for decision-making with limited financial resources.