IEC 31010 is the International Standard for Risk Management

IEC 31010 provides another weapon for managers wanting to mitigate risk regardless of industry or operating field. In 2002, Donald Rumsfeld stated that "there are known knowns; there are things we know we know. We also know there are known unknowns; that is to say we know there are some things we do not know. But there are also unknown unknowns, the ones we do not know we do not know." What can we learn from this? That sometimes it is impossible to foresee every possible outcome, and we can only ensure that we are as prepared as possible.

What is IEC 31010?

This applies widely to all businesses and organisations across industries. Regardless of how good your planning may be, there will always be events that are unforeseen, and so having a risk mitigation and risk management strategy is crucial. To combat risk and help manage it, the ISO published ISO 31000, Risk Management. Now with the publication of IEC 31010, Risk Management, the ability to deal with unforeseen events and occurrences becomes easier than ever.

IEC 31010 outlines a process to be followed when examining risk, all the way from definition to delivery of a risk report. It brings together a vast range of risk assessment techniques including identification steps and how to understand how unforeseen events can impact the business or assets. When used in complementation with ISO 31000, IEC 31010 has an expanded range of application and provides the user with a high level of risk management detail.

As the IEC and ISO risk management strategies follow an internationally agreed step-by-step process, best practice can be ensured, with benchmarks and frameworks guiding the user through the course of analysis. Professor Jean Cross, Convenor of the expert group maintaining IEC 31010, described the standard as "an invaluable component to ISO 31000 in its detail of advantages and disadvantages of various risk management techniques."

The Risk Assessment Process Under IEC 31010

IEC 31010 structures the risk assessment process into a series of clearly defined steps that guide practitioners from context through to risk evaluation and treatment recommendation:

• Risk identification: Systematically identifying what could go wrong, including hazards, threats, and the sources of risk relevant to the organisation and its activities
• Risk analysis: Understanding the nature of identified risks, including the likelihood of occurrence and the potential consequences across safety, financial, operational, and reputational dimensions
• Risk evaluation: Comparing analysed risks against the organisation's risk criteria to determine which risks require treatment and the priority order for action
• Risk treatment selection: Identifying and selecting options for modifying risk, including avoiding, transferring, reducing, or accepting the risk depending on the cost-benefit analysis
• Documentation and reporting: Recording the risk assessment process, findings, and treatment decisions in a format that supports decision-making and demonstrates due diligence

How Digital Inspection Supports IEC 31010 Risk Management

A key practical application of IEC 31010 is the field-based risk assessment carried out as part of regular operational inspections. When a maintenance inspector, safety officer, or operations manager conducts a site or equipment inspection, they are in effect performing steps of the IEC 31010 risk assessment process: identifying hazards, observing their current state, and recording evidence that informs risk analysis.

Digital inspection platforms strengthen this process by ensuring that risk assessments are conducted consistently, with all relevant data points captured in a structured format. The platform can be configured to reflect the specific risk categories relevant to the organisation, prompt inspectors to assess likelihood and consequence for identified hazards, and automatically escalate findings that exceed defined risk thresholds.

For organisations committed to implementing IEC 31010 and ISO 31000, a digital inspection platform provides the operational foundation for translating risk management principles into day-to-day practice. The consistency, documentation, and real-time visibility that digital inspection delivers are precisely what effective risk management requires.