ISO 31000:2018 – Risk management – Guidelines - Operational implementation

The concept of risk management first appeared in work on the subject in the 1950s. In this respect, we will address the issue of the standard ISO 31000 :2018 referring to risk management as a whole. We will refer without distinction to risk management, which covers the idea that the risk management function may have to manage a variety of risks that are not necessarily correlated. Different risk universes may thus coexist, and this must be taken into account. However, some authors point to an expansion of the insurance and risk management function in the 1970s. The rising cost of insurance cover made it necessary for large companies to employ dedicated insurance personnel. . This function gradually became more organized and specialized, becoming a fully-fledged corporate function, usually reporting to general management. and in charge of a wide range of issues such as risk mapping, incident management, business continuity planning, workplace safety, and insurance and financial risk transfer.

This gradual extension of the scope of the risk management function has led to a change in the way the function is organized. Initially attached to technical departments (until the 2000s, insurance functions were attached to the legal, purchasing and general resources departments), the risk management function has gradually evolved to be recognized as an emanation of the company's general management. One of the reasons for this is the growing recognition of the function's role in safeguarding corporate value , but also...