Government launches new risk standard management

Government has launched a new Risk Management Standard called the JS ISO 31000: 2019 Risk Management Guidelines, to manage risks in public-sector organisations.

The launch took place at the offices of the Bureau of Standards Jamaica (BSJ), on Tuesday (February 25).

The JS ISO 31000: 2019 Risk Management Guidelines cover all types of risk and is applicable to all organisations, regardless of type, size, activities and location.

It was developed by a range of stakeholders and is intended for use by anyone who manages risks.

The guidelines are in keeping with the national outcome geared towards achieving a stable macroeconomic environment, and to reduce risk and uncertainty in decision-making by economic factors. 

In his address, State Minister in the Ministry of Industry and Commerce, Floyd Green, said the new Guidelines will improve the effectiveness of risk management in the public sector.  

“Standards are proven ways of ensuring that organisations and individuals implement and practise sound governance; ensuring that you protect value in your organisation by managing risk, by managing decisions, by setting and achieving objectives; and improving performance,” he said.

Minister Green said with the world being a connected space, it is important for the Government to establish these standards.

“Today, we are seeing where international standardisation and conformity assessment systems play a key role in improving production efficiency while facilitating the conduct of international trade,” the State Minister added.