ABSTRACT
In 2009, the International Standards Organization (ISO), an international body charged with achieving global standardization, finalized a standard risk management system to achieve consistency and reliability in risk management by creating ISO 31000, a standard that is applicable to all forms of risk. The ISO 31000 Standard and a Conformity Assessment tool can be applied throughout the life of an organization or a project, and to a wide range of activities, including strategies, decision-making, operations, processes, functions, projects, products, services, and assets. Risks to people can be represented as individual risk and societal risk. Both are a combination of the likelihood of an event happening and the possible consequences—in terms of harm to people. A value of a statistical life is the $ amount that a group of people, say a government, is willing to pay for a fatal risk reduction in the expectation of saving one anonymous life.
