What is ISO Guide 73 Risk Management Terms?

ISO Guide 73:2009 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. ISO Guide 73:2009 is intended to be used by:

  • those engaged in managing risks,
  • those who are involved in activities of ISO and IEC, and
  • developers of national or sector-specific standards, guides, procedures, and codes of practice relating to the management of risk.

Here are some of the terms discussed in ISO Guide 73:

BUY ISO Guide 73 – Risk management vocabulary

  1. Intended Use/Purpose – Intended Use/Purpose Use of a Product, Process or Service in accordance with the specifications, instructions and information provided by the manufacturer.
  2. Harm – Physical injury or damage to health of people, or damage to property or the environment.
  3. Hazard – Potential source of Harm.
  4. Risk – Combination of the probability of occurrence of harm and the severity of harm.
  5. Residual Risk – Risk remaining after protective measures have been taken.
  6. Risk analysis – Systematic use of available information to identify hazards and to estimate the risk.
  7. Risk evaluation – Judgment, on the basis of risk analysis, of whether a risk which is acceptable has been achieved in a given context based on the current values of society.
  8. Risk assessment – Overall process of risk analysis and risk evaluation.
  9. Risk control – The process through which decisions are reached and implemented for reducing risks to or maintaining risks within specified levels.
  10. Risk management – Systematic application of management policies, procedures, and practices to the tasks of analyzing, evaluating and controlling risk.

For principles and guidelines on risk management, reference is made to ISO 31000:2009.

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