The Singapore Manufacturing Federation – Standards Development Organisation (SMF-SDO), supported by the Singapore Standards Council and the Risk and Insurance Management Association of Singapore (RIMAS), successfully launched SS 706:2024 – Risk Management Vocabulary at a seminar themed “Managing Risk with Technology Advancement” on 27 May 2025.
This milestone event brought together nearly 100 industry leaders, professionals, and academics to discuss how risk management frameworks, standardisation, and certification can strengthen organisational resilience in today’s fast-evolving business landscape.
About SS 706:2024
SS 706:2024 (Risk Management – Vocabulary) is a modified adoption of ISO 31073:2022, tailored to Singapore’s and the region’s context. The standard provides a common and harmonised vocabulary for risk management, ensuring greater clarity, consistency, and cross-industry alignment.
By offering structured terminology across areas such as cyber risks, AI governance, operational resilience, and compliance, SS 706 helps organisations:
- Eliminate ambiguity in risk communication
- Enhance cross-functional collaboration
- Strengthen regulatory reporting and governance
- Future-proof risk frameworks against digital and emerging threats
Highlights of the Event
The seminar featured a rich exchange of insights through keynote addresses, technical presentations, and a lively panel discussion.
Programme Highlights:
- Welcome Address – Mr Dennis Mark, Chief Executive Officer, Singapore Manufacturing Federation
- Opening Address & Overview of ISO/TC 262 – Mr Daniel Tan, Convenor, National Mirror Committee of Risk Management
- Assessing Cyber Risks and AI Risks – Mr Wong Onn Chee, Chief Executive Officer, Rajah & Tann Cybersecurity Pte Ltd
- Overview of SS 706 & ISO/TS 31050 – Dr Roy Rimington, Vice Chairman, Singapore Quality Institute
- Panel Discussion moderated by Mr Daniel Tan, with speakers:
- Dr Roy Rimington (SQI)
- Mr Wong Onn Chee (Rajah & Tann Cybersecurity)
- Mr Henry Ee (BCP Asia)
- Mr Zephan Chan (Institute of Ergonomics and Hygiene)
- Mr Roland Teo (RIMS-CRMP Certification Commissioner, RIMS)
Thought Leadership and Industry Perspectives
Speakers underscored that risk management is not just about frameworks but about competencies. Integrating SS 706 with ISO 31000, ISO 31010, and professional certification such as RIMS-CRMP provides organisations with a comprehensive toolkit to strengthen governance, decision-making, and resilience.
Special recognition was also given to industry pioneers, including Dr Roy Rimington and Mr Ong Liong Chuan, whose contributions have been pivotal in shaping risk management standards locally and globally.
Making Standards More Accessible
To mark the launch, the Singapore Standards Council is offering discounted prices on selected risk management standards until 10 June 2025:
- SS ISO 31000:2018 – Risk Management Guidelines
- SS IEC 31010:2021 – Risk Assessment Techniques
- SS 706:2024 – Risk Management Vocabulary
This initiative will help more organisations adopt and integrate internationally aligned risk practices into their operations.
Closing Note
The launch of SS 706:2024 marks a significant step forward for Singapore's risk management community, reinforcing the importance of standardisation, certification, and collaboration in navigating an increasingly complex risk landscape.
Through initiatives like these, SMF-SDO and its partners continue to build a resilient, forward-looking ecosystem that empowers risk professionals and organisations to define risk excellence for the future.
To learn more about SS 706:2024 or purchase a copy, please visit Singapore Standards eShop.