BS31100 Benchmark Group draft formation discussion paper

Click here to read this post in a word format.

The purpose of this document is to form the basis of the formation of a BS31100 Benchmark (BMG) Group. This document was prepared after discussion with approximately 67 organisations of private, public and third sector organisations that have an interest in the recently launched BS31100 Risk Management Code of Practice.

Aim

The aim of the BS31100 BMG is to enable member organisations to compare their risk management practices with BS31100 and with peer organisations. Additionally, the BS31100 BMG will promote excellence in the implementation of BS31100 practices, and risk management in general.

Nature of the group

The BS31100 BMG will initially be a web-based group which will be supported by a collaborative website. However, it is envisioned that an initial BS31100 BMG meeting will take place in early 2009, with further meetings likely to be quarterly depending on demand and participant appetite.
Initially the group will be managed by Manigent, the group founder; a steering group will be developed made up of member organisations to set group direction and scope.

Assessment process

Initially all participants will be required to complete a BS31100 self-assessment online which will rate their organisational risk management practices to BS31100. The results will be presented in a simple report format with gap analysis. This self-assessment will be completed on a quarterly, 6 monthly or annual basis, depending on individual member organisations needs.

In addition to this free self-assessment service, the BS31100 BMG will offer members three additional levels of assessment services. Additional services are likely to be developed over time, depending on group needs.

The assessment data collected will form the basis of peer organisation comparisons and will be included in a member’s dashboard which will include assessment results, peer comparisons, gap analysis, trend analysis and an industry specific maturity model. Additional information to support specific regulatory engagement and submissions, or other assessment processes (such as ISO31000 in the future) will be developed based on individual member organisations needs and feedback.

Group funding

Initially this group will be sponsored by Manigent which will enable a base level of services to be provided, website, self-assessment survey and report. Additional levels of assessment and other member specific, customised services will be charged at a commercial rate to the member organisations.
We invite you to join the BS31100 Benchmarking Group and welcome comments/feedback on the direction, structure and services of the group.

This is an initial discussion document. We would welcome your feedback and comments.