Who sets the published risk management standards?

Recognised international standards bodies or industry groups are responsible for setting published risk management standards. These organizations typically create frameworks and guidelines that provide a consistent approach to managing risk across different industries and sectors. Their standards are developed through a consensus process involving various stakeholders, including experts in risk management, and are designed to be applicable on a global scale.

This structured approach ensures that the standards are based on best practices and are regularly updated to reflect new developments in the field of risk management. The involvement of international standards bodies helps to establish credibility and provides organizations with a reference point to measure their risk management practices against globally recognized benchmarks.

Other options, such as corporate leaders or independent consulting firms, although influential in their respective domains, typically do not have the authority or consensus-driven approach necessary for establishing widely accepted standards. Government regulatory agencies can play a role in enforcing compliance with risk management practices but do not usually set the foundational standards themselves.