ISO 31000, COSO-ERM are influential risk management approaches
IOWRG, Basel and NIST also used by central banks
ISO 31000 and COSO-ERM are influential on central bank risk management practices, the Risk Management Benchmarks 2020 show.
Central Banking asked officials at 30 central banks which approaches to risk management have been most influential.
ISO 31000 and COSO-ERM were identified as influencing approaches by 80% and 73% of officials at central banks, respectively. ISO 31000 is an international standard made up of six key areas: leadership and communication, integration, design, implementation
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