ISO/IEC 16085:2006 defines a process for the management of risk in the life cycle. It can be added to the existing set of system and software life cycle processes defined by ISO/IEC 15288 and ISO/IEC 12207, or it can be used independently.
ISO/IEC 16085:2006 can be applied equally to systems and software.
Risk management is a key discipline for making effective decisions and communicating the results within organizations. The purpose of risk management is to identify potential managerial and technical problems before they occur so that actions can be taken that reduce or eliminate the probability and/or impact of these problems should they occur. It is a critical tool for continuously determining the feasibility of project plans, for improving the search for and identification of potential problems that can affect life cycle activities and the quality and performance of products, and for improving the active management of projects.