What should be done if no regulation or recognized standard exists for risk management?

When faced with a situation where no regulation or recognized standard exists for risk management, selecting an appropriate method and exercising due diligence is the most effective course of action. This approach allows for the development of tailored risk management strategies that fit the specific context and needs of the organization or project.

Choosing a suitable method means relying on available knowledge, best practices from related fields, and evidence-based techniques to assess risks and implement controls. Exercising due diligence emphasizes thoroughness and care in decision-making, ensuring that all reasonable steps are taken to handle risks proactively. This is particularly important in the absence of explicit guidelines, as it fosters a systematic approach to identifying, evaluating, and mitigating risks.

Other options, such as noting the absence in documentation or consulting with industry leaders, can offer insights and serve as supporting actions, but they do not directly lead to actionable risk management solutions. Establishing a committee for decision-making may enhance collaboration but does not guarantee that effective risk management practices will be identified or implemented without a clear method in place. Therefore, adopting a proactive approach through method selection and due diligence stands out as the best response.