Government Launches New Risk Management Standard

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, which took place at the offices of the Bureau of Standards Jamaica (BSJ), on Tuesday (February 25), is in keeping with the Risk Management Policy 2018.

Applicable to all organisations, regardless of type, size, activities and location, the JS ISO 31000: 2019 Risk Management Guidelines cover all types of risk. It was developed by a range of stakeholders and is intended for use by anyone who manages risks not just professional risk managers.

            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. 

            This standard provides a common approach to managing any type of risk and is not industry or sector specific. It may be used throughout the life of the organisation and may be applied to any activity, including decision-making at all levels.

            In his address, State Minister in the Ministry of Industry, Commerce, Agriculture and Fisheries, Hon. 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,” Mr. Green said.

“Standards are a powerful tool to stimulate trade, to overcome artificial barriers, to help level the playing field, and in a world where the influence and economic weight on emerging economies is shifting the balance of power, standards are critical,” he added.

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

            “Unless we have internationally recognised standards, we will not be able to effectively compete, and as Jamaicans we want to compete; we want to win. All of this will make our companies and our economy more competitive. It will make it easier [for us] to export, stimulate diversification [both] nationally and internationally. The impact of standards is very real,” he said.

            “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.