Risk Management's Architect Admits Flaws: ISO 31000 Co-Author Calls for a Shift to Decision Support
Grant Purdy, a co-author of the ISO 31000 risk management standard, contends that the discipline has strayed from its original purpose. After 50 years in the field, Purdy argues that risk management has become a compliance-driven exercise, generating paperwork and false confidence rather than genuinely aiding business decisions. This critique from a foundational figure in risk management highlights a critical need for internal audit and assurance professionals to re-evaluate current practices and refocus on practical decision support.