Overview
IEC 62198:2013, titled Managing Risk in Projects – Application Guidelines, is an international standard developed by the International Electrotechnical Commission (IEC) to provide comprehensive principles and generic guidelines for managing risk and uncertainty within project environments. This standard is based on ISO 31000, Risk Management – Principles and Guidelines, ensuring alignment with globally recognized risk management best practices.
The key focus of IEC 62198:2013 is to enable organizations to adopt a systematic approach to managing risks in projects by outlining a framework, organizational requirements, and a risk management process tailored to projects. It serves as a practical reference to enhance project success and decision-making by effectively identifying, analyzing, treating, and monitoring risks-not intended for certification purposes but to guide best practices in project risk management.
This second edition supersedes the 2001 version through a major rewrite that incorporates the latest principles of ISO 31000, reflecting an updated and stronger alignment with international risk management methodologies.
Key Topics
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Project Risk Management Principles
IEC 62198 elaborates on essential principles for managing risk in projects, emphasizing the importance of understanding both internal and external project contexts.
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Risk Management Framework
The standard defines a clear risk management framework including:
- Mandate and commitment from leadership
- Designing and implementing a risk management policy
- Accountability structures
- Integration with project management processes
- Resource allocation
- Internal and external communication and reporting mechanisms
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Project Risk Management Process
A step-by-step risk management process is detailed, incorporating:
- Communication and consultation with stakeholders
- Context establishment (internal and external)
- Risk identification, analysis, evaluation
- Risk treatment selection and implementation
- Continuous monitoring, review, and reporting
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Documentation and Reporting Tools
The standard provides guidance on maintaining a project risk register, risk management plans, and documentation practices essential for tracking risk activities and decisions.
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Examples and Case Studies
Informative annexes offer practical examples like stakeholder analysis, risk criteria, and treatment options to support effective implementation.
Applications
IEC 62198:2013 is highly valuable for project managers, risk managers, and organizational leaders involved in complex projects across various sectors-such as infrastructure, energy, construction, IT, and high-technology projects. Practical applications include:
- Establishing a structured risk management framework to enhance project governance
- Applying systematic risk assessment and treatment to reduce uncertainties and potential project failures
- Facilitating communication among stakeholders to ensure risk transparency and collaborative mitigation
- Integrating risk management into project lifecycle processes, from planning through execution and closure
- Enabling organizations to achieve better decision-making based on risk-informed insights, improving project outcomes and resource allocation
This standard supports organizations in managing project risks proactively, thereby increasing the likelihood of delivering projects on time, within budget, and according to scope.
Related Standards
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ISO 31000:2018 – Risk Management – Principles and Guidelines
The foundational international standard on risk management upon which IEC 62198 builds its project-specific guidelines.
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ISO/IEC 27005 – Information Security Risk Management
Provides guidelines applicable to managing information security risks within projects and organizational processes.
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ISO 21500 – Guidance on Project Management
Offers broader project management concepts where risk management is a key component.
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PMBOK® Guide (Project Management Institute)
Contains a risk management knowledge area closely aligned with principles promoted in IEC 62198.
Organizations seeking to align their project risk management practices with international benchmarks will find IEC 62198:2013 essential for integrating risk management effectively into their project governance and operational frameworks.
Keywords: project risk management, IEC 62198, ISO 31000, managing risk in projects, risk framework, risk assessment, risk treatment, project uncertainty, stakeholder communication, risk register, project governance.