News

SA/SNZ HB 141:2011 Risk Financing Guidelines
This recently published Handbook (June 2011), is a substantial update from an older (2004) handbook and provides consistency with AS/NZS ISO 31000:2009. It covers both common risk financing techniques (such as insurance and self funding) and other less frequently used methods, such as those offered by the capital markets. Each description explains where the particular technique may be suitable as well as pointing out factors which may affect its reliability. The Handbook contains illustrative examples as well as referring to relevant parts of the New Zealand and Australian financial regulatory regimes. For more about this handbook please see the commentary by John Richardson, former President of the Australian and New Zealand Institute of Insurance and Finance here.

This Handbook can be obtained from the Standards New Zealand website here.

AS/NZS 5050:2010 Business continuity - Managing disruption-related risk
AS/NZS 5050:2010 Business continuity - Managing disruption-related risk was published in June 2010 and is available from the Standards New Zealand website here.

Development of this standard benefited significantly from the public comment phase in both New Zealand and Australia. The Society played a key role in its production. Refer to the Society's submission here.

A short article about the Standard written by Roger Estall, the Society's representative on the committee responsible for developing it, can be found here.

Commentary on AS/NZS ISO 31000:2009 Risk Management - Principles and Guidelines
AS/NZS ISO 31000:2009 amends and supersedes AS/NZS 4360:2004 and can be obtained from the Standards New Zealand Website here. As the document increasingly recognised worldwide as setting out contemporary risk management practice, it has engendered comments and views from many quarters. A selection of this commentary is available to members here.

Joint New Zealand and Australian Handbook - Communicating and Consulting about Risk
A new joint New Zealand and Australian Handbook - HB 327:2010 Communicating and Consulting about Risk has been published this week and is available from Standards New Zealand here.

Developed by the joint standards committee OB-007, HB327:2010 is a companion document to the recently released AS/NZS ISO 31000:2009 Risk management - Principles and guidelines. Drawing on academic research and practical experience, it explains the role and benefits of both communication and consultation as envisaged in the Standard, explains some of the implications and challenges, and offers guidance by way of techniques and case studies. Several members of the Society contributed to the development of the handbook.

Commenting on its decision to develop HB327:2010, the Society's representative on the OB-007 committee Roger Estall said the handbook recognises that risk management takes place in a social context. Consequently, to be effective, information and views need to be shared by people who are affected differently by a set of risks, who know different things about those risks, and who may have different views about them. "This handbook will help organisations to realise the value of undertaking effective communication and consultation at each step of the risk management process."

In an ever changing world The NZ Risk Society aims to keep you up to date with regularly changing content; local and global risk issues and, events and seminars that you can participate in. We welcome your comments and suggestions regarding content for this section.