The new third edition of BiH standard BAS ISO 31000: 2019, Risk Management - Guidelines, has been published by translation method. The standard was adopted through Bosnia and Herzegovina’s Technical Committee BAS/TC 3, Quality Management and Quality Assurance.

This standard provides guidelines on managing risk faced by organizations. The application of these guidelines can be customized to any organization and its context. Managing risk is iterative and assists organizations in setting strategy, achieving objectives, and making informed decisions.

This document provides a common approach to managing any type of risk and is not industry or sector specific.

This document can be used throughout the life of the organization and can be applied to any activity, including decision-making at all levels.

Managing risk is part of governance and leadership and is fundamental to how the organization is managed at all levels. It contributes to the improvement of the management systems.

The main changes compared to the previous edition are as follows:

• review of the principles of risk management, which are the key criteria for its success;
• highlighting of the  leadership by top management and the integration of risk management, starting with the governance of the organization;
• greater emphasis on the iterative nature of risk management, noting that new experiences, knowledge and analysis can lead to a revision of process elements, actions and controls at each stage of the process;
• streamlining of the content with greater focus on sustaining an open systems model to fit multiple needs and contexts.