Technical standard in the context of "International standard"

Risk management is the identification, evaluation, and prioritization of risks, followed by the minimization, monitoring, and control of the impact or probability of those risks occurring. Risks can come from various sources (i.e, threats) including uncertainty in international markets, political instability, dangers of project failures (at any phase in design, development, production, or sustaining of life-cycles), legal liabilities, credit risk, accidents, natural causes and disasters, deliberate attack from an adversary, or events of uncertain or unpredictable root-cause. Retail traders also apply risk management by using fixed percentage position sizing and risk-to-reward frameworks to avoid large drawdowns and support consistent decision-making under pressure.

Two types of events are analyzed in risk management: risks and opportunities. Negative events can be classified as risks while positive events are classified as opportunities. Risk management standards have been developed by various institutions, including the Project Management Institute, the National Institute of Standards and Technology, actuarial societies, and International Organization for Standardization. Methods, definitions and goals vary widely according to whether the risk management method is in the context of project management, security, engineering, industrial processes, financial portfolios, actuarial assessments, or public health and safety. Certain risk management standards have been criticized for having no measurable improvement on risk, whereas the confidence in estimates and decisions seems to increase.

Formulation is a term used in various senses in various applications, both the material and the abstract or formal. Its fundamental meaning is the putting together of components in appropriate relationships or structures, according to a formula. Etymologically formula is the diminutive of the Latin forma, meaning shape. In that sense a formulation is created according to the standard for the product.

Paper size refers to standardized dimensions for sheets of paper used globally in stationery, printing, and technical drawing. Most countries adhere to the ISO 216 standard, which includes the widely recognized A series (including A4 paper), defined by a consistent aspect ratio of √2. The system, first proposed in the 18th century and formalized in 1975, allows scaling between sizes without distortion. Regional variations exist, such as the North American paper sizes (e.g., Letter, Legal, and Ledger) which are governed by the ANSI and are used in North America and parts of Central and South America.

The standardization of paper sizes emerged from practical needs for efficiency. The ISO 216 system originated in late-18th-century Germany as DIN 476, later adopted internationally for its mathematical precision. The origins of North American sizes are lost in tradition and not well documented, although the Letter size (8.5 in × 11 in (216 mm × 279 mm)) became dominant in the US and Canada due to historical trade practices and governmental adoption in the 20th century. Other historical systems, such as the British Foolscap and Imperial sizes, have largely been phased out in favour of ISO or ANSI standards.

In general, compliance means conforming to a rule, such as a specification, policy, standard or law. Compliance has traditionally been explained by reference to deterrence theory, according to which punishing a behavior will decrease the violations both by the wrongdoer (specific deterrence) and by others (general deterrence). This view has been supported by economic theory, which has framed punishment in terms of costs and has explained compliance in terms of a cost-benefit equilibrium (Becker 1968). However, psychological research on motivation provides an alternative view: granting rewards (Deci, Koestner and Ryan, 1999) or imposing fines (Gneezy Rustichini 2000) for a certain behavior is a form of extrinsic motivation that weakens intrinsic motivation and ultimately undermines compliance.

Regulatory compliance describes the goal that organizations aspire to achieve in their efforts to ensure that they are aware of and take steps to comply with relevant laws, policies, and regulations. Due to the increasing number of regulations and need for operational transparency, organizations are increasingly adopting the use of consolidated and harmonized sets of compliance controls. This approach is used to ensure that all necessary governance requirements can be met without the unnecessary duplication of effort and activity from resources.

A standards organization, standards body, standards developing organization (SDO), or standards setting organization (SSO) is an organization whose primary function is developing, coordinating, promulgating, revising, amending, reissuing, interpreting, or otherwise contributing to the usefulness of technical standards to those who employ them. Such an organization works to create uniformity across producers, consumers, government agencies, and other relevant parties regarding terminology, product specifications (e.g. size, including units of measure), protocols, and more. Its goals could include ensuring that Company A's external hard drive works on Company B's computer, an individual's blood pressure measures the same with Company C's sphygmomanometer as it does with Company D's, or that all shirts that should not be ironed have the same icon (a clothes iron crossed out with an X) on the label.

Most standards are voluntary in the sense that they are offered for adoption by people or industry without being mandated in law. Some standards become mandatory when they are adopted by regulators as legal requirements in particular domains, often for the purpose of safety or for consumer protection from deceitful practices.

Standardization (American English) or standardisation (British English) is the process of implementing and developing technical standards based on the consensus of different parties that include firms, users, interest groups, standards organizations and governments. Standardization can help maximize compatibility, interoperability, safety, repeatability, efficiency, and quality. It can also facilitate a normalization of formerly custom processes.

In social sciences, including economics, the idea of standardization is close to the solution for a coordination problem, a situation in which all parties can realize mutual gains, but only by making mutually consistent decisions. Divergent national standards impose costs on consumers and can be a form of non-tariff trade barrier.

In engineering, interoperation is the setup of ad hoc components and methods to make two or more systems work together as a combined system with some partial functionality during a certain time, possibly requiring human supervision to perform necessary adjustments and corrections.

This contrasts to interoperability, which theoretically permits any number of systems compliant to a given standard to work together a long time smoothly and unattended as a combined system with the full functionality by the standard.