Risk mamanagement is essential for the implementation of developing programs. As uesful set of guidelines and principles has been developed by the International Organization for Standardization. In 2005, ISO introduced a New Work Item Proposal (NWIP) to look at developing a guidance standard on risk management. Following approval by ISO members, an ISO working group was established to develop a Committee Draft called ISO CD31000. The standard "gives generic guidelines for the principles and the adequate implementation of risk management.  It is not intended to be used for the purposes of certification." Source: www.iso.org