What is ISO Guide 73 and Why You Need It
If you are involved in risk management, you may have heard of ISO Guide 73. But what is it exactly, and why do you need it? In this article, we will explain what ISO Guide 73 is, what it covers, and why it is useful for risk management. We will also show you how to access and download it for free.
ISO Guide 73 is a document that provides the definitions of generic terms related to risk management. It aims to encourage a mutual and consistent understanding of, and a coherent approach to, the description of activities relating to the management of risk, and the use of uniform risk management terminology in processes and frameworks dealing with the management of risk.
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ISO Guide 73 is intended to be used by:
those engaged in managing risks,
those who are involved in activities of ISO and IEC,
developers of national or sector-specific standards, guides, procedures and codes of practice relating to the management of risk.
ISO Guide 73 is not a standard for risk management, nor does it provide principles or guidelines on how to manage risk. For that purpose, you should refer to , which provides guidelines on managing risk faced by organizations.
However, ISO Guide 73 is a useful companion document for ISO 31000, as it helps you understand the key concepts and terms used in risk management. It also helps you communicate effectively with other stakeholders involved in risk management.
The History and Development of ISO Guide 73
ISO Guide 73 was first published in June 2002 as , under the title "Risk Management - Vocabulary - Guidelines for Use in Standards". It was developed by a joint working group of ISO (International Organization for Standardization) and IEC (International Electrotechnical Commission), two leading international standards bodies.
The aim of the first edition was to provide standards writers with generic definitions of risk management terms and concepts that could be used in standards and other documents.
In November 2009, the second edition of ISO Guide 73 was published, under the title "Risk Management - Vocabulary". It was developed by ISO/TC 262, the technical committee responsible for risk management. It replaced the first edition and aligned with the principles and framework of , which was also published in 2009.
The second edition of ISO Guide 73 provided a more comprehensive and updated set of definitions of risk management terms, as well as a conceptual model for risk and its relationship with other concepts. It also clarified some of the terms that were ambiguous or confusing in the first edition.
In December 2018, the third and latest edition of ISO Guide 73 was published, under the same title. It was developed by ISO/TC 262/WG 2, the working group on terminology and communication of ISO/TC 262. It replaced the second edition and aligned with the revised version of , which was also published in 2018.
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The third edition of ISO Guide 73 introduced some new terms and definitions, such as risk attitude, risk criteria, risk owner, and risk source. It also modified some of the existing terms and definitions, such as risk appetite, risk tolerance, and risk treatment. It also provided some additional notes and examples to illustrate the use of the terms.
The Scope and Purpose of ISO Guide 73
The scope of ISO Guide 73 is to provide generic terms and definitions related to risk management. It does not cover specific terms and definitions applicable to particular fields or sectors, such as finance, health, safety, environment, or quality. For those terms and definitions, you should refer to the relevant standards or guides in those domains.
The purpose of ISO Guide 73 is to:
facilitate clear communication and understanding of risk management concepts and terms among different stakeholders,
promote a consistent use of risk management terminology across different standards, guides, frameworks, and processes,
support the implementation of risk management principles and guidelines in various contexts and situations,
enhance the quality and credibility of risk management practices and outcomes.
ISO Guide 73 is not intended to:
provide a comprehensive glossary of all risk management terms,
impose a rigid or prescriptive definition of any term,
limit or restrict the use of alternative terms or definitions that may be more appropriate or suitable for specific purposes or audiences,
replace or supersede any existing standards or guides that define or use risk management terms differently.
The Structure and Content of ISO Guide 73
The Main Sections of ISO Guide 73
ISO Guide 73 consists of four main sections, as follows:
Foreword: This section provides some background information on ISO and IEC, the joint technical committee that developed ISO Guide 73, and the revision process of the document.
Introduction: This section explains the rationale and objectives of ISO Guide 73, the intended users and scope of the document, and the relationship between ISO Guide 73 and other risk management standards and guides.
Terms and definitions: This section is the core of ISO Guide 73, where it provides the definitions of 51 terms related to risk management, organized into four categories: fundamentals, framework, process, and general. Each term is accompanied by a reference number, a definition, a note (if applicable), and an example (if applicable).
Bibliography: This section lists the references that are cited in ISO Guide 73, as well as some additional sources that may be useful for further reading on risk management.
The Key Terms and Definitions in ISO Guide 73
ISO Guide 73 provides many important terms and definitions that are essential for understanding and applying risk management. Here are some of the key terms and definitions that you should know:
Term
Definition
Risk
The effect of uncertainty on objectives.
Risk management
Coordinated activities to direct and control an organization with regard to risk.
Risk management framework
A set of components that provide the foundations and organizational arrangements for designing, implementing, monitoring, reviewing and continually improving risk management throughout the organization.
Risk management process
A systematic application of management policies, procedures and practices to the activities of communicating, consulting, establishing the context, and identifying, analyzing, evaluating, treating, monitoring and reviewing risk.
Risk source
An element which alone or in combination has the intrinsic potential to give rise to risk.
Risk owner
A person or entity with the accountability and authority to manage a risk.
Risk attitude
An organization's approach to assess and eventually pursue, retain, take or turn away from risk.
Risk criteria
Terms of reference against which the significance of a risk is evaluated.
Risk appetite
The amount and type of risk that an organization is willing to pursue or retain.
Risk tolerance
The organization's or stakeholder's readiness to bear the risk after risk treatment in order to achieve its objectives.
than ISO Guide 73. For example, some of these documents are:
: Risk management - Guidelines. This document provides principles, framework and a process for managing risk. It is intended to be a generic guide for any organization regardless of its size, type or activity.
: Risk management - Risk assessment techniques. This document provides guidance on the selection and application of techniques for assessing risk in a wide range of situations. It covers a range of techniques from basic to complex, and can be used for any type of risk.
: Uncertainty of measurement. This document provides general rules for evaluating and expressing uncertainty in measurement. It is applicable to a variety of fields, such as testing, calibration, engineering, and research.
When using ISO Guide 73 in conjunction with other risk management standards and guidelines, you should be aware of the following points:
ISO Guide 73 is not intended to replace or supersede any existing standards or guides that define or use risk management terms differently. You should always follow the definitions and terms provided by the specific standard or guide that you are using, unless there is a clear reason to deviate from them.
ISO Guide 73 is not intended to limit or restrict the use of alternative terms or definitions that may be more appropriate or suitable for specific purposes or audiences. You should always consider the context and needs of your stakeholders when choosing the terms and definitions to use in your risk management activities.
ISO Guide 73 is not intended to provide a comprehensive glossary of all risk management terms. You may encounter some terms or concepts that are not defined or explained in ISO Guide 73, but are relevant or important for your risk management activities. In such cases, you should consult other sources of information, such as dictionaries, textbooks, journals, or experts.
How to Access and Download ISO Guide 73 for Free
ISO Guide 73 is a valuable document for anyone who wants to learn more about risk management terminology and concepts. However, it is not freely available on the official website of ISO. You have to pay a fee to download it from .
Fortunately, there are some ways to access and download ISO Guide 73 for free from other sources. Here are some of them:
: The British Standards Institution (BSI) is the national standards body of the United Kingdom. It offers free access to ISO Guide 73 for registered users on its website. You can register for free by providing your name, email address, and country. After registering, you can view and download ISO Guide 73 as a PDF file.
: Scribd is a digital library that hosts millions of books, documents, audiobooks, podcasts, and magazines. It offers free access to ISO Guide 73 for users who upload their own documents or books on its website. You can upload any document or book that you own or have the right to share. After uploading, you can view and download ISO Guide 73 as a PDF file.
: The United Nations Economic Commission for Europe (UNECE) is one of the five regional commissions of the United Nations. It promotes economic integration and cooperation among its member states. It offers free access to ISO Guide 73 for anyone who visits its website. You can view and download ISO Guide 73 as a PDF file without registering or logging in.
platform. Standards Connect is a subscription-based service that provides access to thousands of standards from ANSI and other organizations. You can sign up for a free trial by providing your name, email address, organization name, and country. After signing up, you can view and download ISO Guide 73 as a PDF file.
Conclusion
In this article, we have explained what ISO Guide 73 is, what it covers, and why it is useful for risk management. We have also shown you how to use it in practice, how to align it with other risk management standards and guidelines, and how to access and download it for free from various sources. We hope you have found this article helpful and informative. If you have any questions or feedback, please feel free to leave a comment below. Thank you for reading and happy risk management!
FAQs
Here are some of the frequently asked questions about ISO Guide 73:
What is the difference between ISO Guide 73 and ISO 31000?
ISO Guide 73 is a document that provides the definitions of generic terms related to risk management. ISO 31000 is a document that provides guidelines on managing risk faced by organizations. ISO Guide 73 is a companion document for ISO 31000, as it helps you understand the key concepts and terms used in risk management.
Is ISO Guide 73 mandatory or voluntary?
ISO Guide 73 is not a standard for risk management, nor does it provide principles or guidelines on how to manage risk. Therefore, it is not mandatory or binding for any organization or individual. However, it is a useful and widely accepted document that can help you improve your risk management practices and outcomes.
How often is ISO Guide 73 updated?
ISO Guide 73 is revised periodically to reflect the changes and developments in the field of risk management. The first edition was published in 2002, the second edition in 2009, and the third edition in 2018. The next revision is expected to be published in 2023.
How can I get involved in the development of ISO Guide 73?
ISO Guide 73 is developed by a working group of experts from various countries and sectors, under the technical committee ISO/TC 262 on risk management. If you are interested in participating in the development of ISO Guide 73, you can contact your national standards body and express your interest. You can find the list of national standards bodies .
Where can I find more information about ISO Guide 73?
You can find more information about ISO Guide 73 on the official website of ISO . You can also check out some of the sources that we have cited in this article, such as BSI, Scribd, UNECE, and ANSI.
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