The Risk Management Standard was originally published by the Institute of Risk Management (IRM), The Association of Insurance and Risk Managers (AIRMIC) and Alarm (The Public Risk Management Association) in 2002. It has subsequently been adopted by the Federation of European Risk Management Associates (FERMA).

Following the publication of the ISO 31000 Risk Management Principles and Guidelines in 2009 a new document 'A Structured Approach to Enterprise Risk Management (ERM) and the Requirements of ISO 31000' has been produced by IRM, AIRMIC and Alarm. This provides up to date guidance on the implementation of ERM in the context of the new ISO standard.

IRM has decided to retain its support for the original risk management standard because it outlines a practical and systematic approach to the management of risk for business managers (rather than just risk professionals). It also free to download and also available in 15 languages.