Risk management is a hot topic for many Document Center customers. So we are always interested when a new standard on this issue is released. We’ve just received the new 2nd Edition for the IEC 62198, “Managing risk in projects – Application guidelines,” and know many of you will be interested in this update.
The document is intended to be used across many industries, for a variety of applications. It is an extension of the work provided by the ISO 31000 standard, “Risk Management – Principles and Guidelines.” It addresses the specific issues that can arise when managing uncertainty in projects themselves.
The committee reminds the user that risk management can differ depending on the project at hand. So certification to this standard is not going to be possible. However, the basic guidelines and principles you’ll find in this document will help you at all phases of any given project.
How is IEC 62198 intended to be used? The document will help you identify and manage those areas that relate both to the project itself and to the requirements for the project. For example, uncertainty may be lurking in the need to bring in a project by a set due date and budget. Or there may be some question about how to confirm that the product will be environmentally safe or will meet a certain level of dependability. By identifying those areas where risks may exist can not only avoid problems during the course of the project, but also can help to provide better outcomes.
You’ll get information on some of the basics on projects and project management — Phases and Stakeholders, for example. Then the basics of risk management are addressed. The standard covers setting up your risk management policy, accountability, resources, reporting mechanisms, and so on.
Once you understand the framework you’ll be following, the standard then goes into the risk management process for projects in depth. This will help you define your particular risk criteria, identify the parameters to consider for your project, and analyze and evaluate the risks you face. You’ll also be given guidance on risk treatment, so you can select various options for modifying those risks you’ve identified. And finally, you’ll be given concrete steps to take to monitor and document your efforts, with information on setting up a risk register for your project.
To make this information clearer to the user, Annex A provides some examples of the kinds of information you can use during each step of the risk management process. Tables and figures throughout the text support your understanding of the various points the standard makes.
The new IEC 62198 Edition 2.0 replaces the previous IEC 62198 Ed. 1.0 which is now obsolete. The updates were made primarily to align the text with the ISO 31000 standard. This has meant that the rewritten document has a completely new structure. This is good news for users, since the alignment of these various management standards surely means an easier time meeting multiple standardization schemes.
If you need the new IEC 62198 Ed. 2.0, you can order it from Document Center’s webstore at www.document-center.com. Or contact us by phone (650-591-7600), fax (650-591-7617) or email (info@document-center.com). The standards you purchase from Document Center are all authorized copies, since we’ve been working with Standards Publishers since 1982. And you’ll find a wide variety of support services to provide the information you need to maintain your documentation for compliance reasons. Make Document Center your Standards Experts!
