But take-up in the US is unlikely

Airmic's risk management standard is to be adopted by European risk managers.

Speaking at the Airmic conference, Ferma vice-president Paul Taylor said that the standard, which was developed jointly with the Institute of Risk Management (IRM) and Alarm, was an excellent document.

"The risk management standard is a very good start for risk managers across the world," Taylor said.

The standard sets out a strategic process for the identification, evaluation and mitigation of risk.

The standard will be translated into six languages – French, Italian, Spanish, German, Dutch and Danish – and will be available to European risk managers from the Ferma website by October.

Taylor said that the standard could even be adopted globally.

"If you have a product that does the job then there is that opportunity," he said.

But Lance Ewing, president of the Risk Insurance and Management Society – the US risk managers organisation, said the adoption of the standard in the US was unlikely due to the litigious nature of that society.

Airmic chief executive David Gamble said take-up of the standard, which was released last year, has been excellent with more than 10,000 copies downloaded from the internet since the launch.

Airmic is planning to hold a roadshow in September in order to give risk managers around the country practical advice on implementing the standard.

Airmic deputy chairman and chairman elect Nick Chown said the standard had been more successful than Airmic had envisaged.

He said: "The standard is about modern risk management in its widest sense in which insurance is important, but only a part of the overall story."

Chown has selected setting new standards as the theme for his chairmanship.

Chown said the theme of chairman referred both to the risk management standard and to the role of risk managers in setting minimum standards for the organisation.