The paper presents the extension of the newly revised and published International Standard on Risk Management ISO 31000:20181, the extension provides link to the resilience assessment and management. The ISO 31000 standard is one of the few ISO Standards (of the several thousand promulgated by top experts in their fields) that is qualified as a "generic ISO standard" – this means that all other standards must accommodate and align to its provisions related to risk management. However, at the current pace of change in society, environment and technology, risk landscape brings in an avalanche of new uncertainties and new emerging risks the management of which is essential for the society. These are treated by the new ISO 310502 standard that will provide the much needed foresight and insight to deal with these risks. It will also provide new ways for enhancement of organizational resilience and new capabilities to deal with new challenges, helping, at the same time, to increase the level of trust in management of risk.
Starting from the ISO 31000 definition of risk (“effect of uncertainty on objectives“) and understanding risk management as significant contributor to value creation and preservation, the new "ISO 31050 Guidance for Managing Emerging Risks to Enhance Resilience" will contribute to further development of integrated management processes that provide insight into how risk may affect the achievement of organization objectives. The main calling is to provide universal, yet meaningful guidance on developing new competencies and business models to create relevant and realistic recommendations in an ever-changing uncertain world, to facilitate best practices, enhance resilience, promote agility, assist transformation, deliver insight, insure foresight, establish value and integrate resources. With ISO 31050, the decision makers in organizations will be better equipped to manage both known and emerging risks with confidence. To this aim, ISO 31050 will, very much based on the results of the EU project SmartResilience3, deliver: structured context (e.g. definitions, drivers, metrics, …) for dealing with emerging risks, emerging risk management framework, process, guidance for common format(s) for interoperability, common/agreed indicators, considerations related to emerging risks in resilience assessment, and emerging risk application examples (informative). The final standard will be published in 2021.