SIST EN IEC 63223-2:2026

SLOVENSKI STANDARD
01-november-2026
Upravljanje omrežnih sredstev v elektroenergetskih sistemih - 2. del: Postopek
odločanja, ki upošteva tveganja (IEC 63223-2:2026)
Management of network assets in power systems - Part 2: Risk-informed decision-
making process (IEC 63223-2:2026)
Management von Betriebsmitteln und Anlagen in elektrischen
Energieversorgungssystemen - Risikoorientierter Entscheidungsprozess (IEC 63223-
2:2026)
Gestion des actifs des réseaux d'énergie électrique - Processus de prise de décision
éclairée par les risques (IEC 63223-2:2026)
Ta slovenski standard je istoveten z: EN IEC 63223-2:2026
ICS:
03.100.01 Organizacija in vodenje Company organization and
podjetja na splošno management in general
29.240.01 Omrežja za prenos in Power transmission and
distribucijo električne energije distribution networks in
na splošno general
2003-01.Slovenski inštitut za standardizacijo. Razmnoževanje celote ali delov tega standarda ni dovoljeno.

EUROPEAN STANDARD EN IEC 63223-2

NORME EUROPÉENNE
EUROPÄISCHE NORM September 2026
ICS 29.240.01; 03.100.01
English Version
Management of network assets in power systems - Part 2: Risk-
informed decision-making process
(IEC 63223-2:2026)
Gestion des actifs des réseaux d'énergie électrique - Management von Betriebsmitteln und Anlagen in
Processus de prise de décision éclairée par les risques elektrischen Energieversorgungssystemen -
(IEC 63223-2:2026) Risikoorientierter Entscheidungsprozess
(IEC 63223-2:2026)
This European Standard was approved by CENELEC on 2026-08-13. CENELEC members are bound to comply with the CEN/CENELEC
Internal Regulations which stipulate the conditions for giving this European Standard the status of a national standard without any alteration.
Up-to-date lists and bibliographical references concerning such national standards may be obtained on application to the CEN-CENELEC
Management Centre or to any CENELEC member.
This European Standard exists in three official versions (English, French, German). A version in any other language made by translation
under the responsibility of a CENELEC member into its own language and notified to the CEN-CENELEC Management Centre has the
same status as the official versions.
CENELEC members are the national electrotechnical committees of Austria, Belgium, Bulgaria, Croatia, Cyprus, the Czech Republic,
Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the
Netherlands, Norway, Poland, Portugal, Republic of North Macedonia, Romania, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland,
Türkiye and the United Kingdom.

European Committee for Electrotechnical Standardization
Comité Européen de Normalisation Electrotechnique
Europäisches Komitee für Elektrotechnische Normung
CEN-CENELEC Management Centre: Rue de la Science 23, B-1040 Brussels
© 2026 CENELEC All rights of exploitation in any form and by any means reserved worldwide for CENELEC Members.
Ref. No. EN IEC 63223-2:2026 E

European foreword
The text of document 123/135/FDIS, future edition 1 of IEC 63223-2, prepared by TC 123
"Management of network assets in power systems" was submitted to the IEC-CENELEC parallel vote
and approved by CENELEC as EN IEC 63223-2:2026.
The following dates are fixed:
• latest date by which the document has to be implemented at national (dop) 2027-09-30
level by publication of an identical national standard or by endorsement
• latest date by which the national standards conflicting with the (dow) 2029-09-30
document have to be withdrawn
Attention is drawn to the possibility that some of the elements of this document may be the subject of
patent rights. CENELEC shall not be held responsible for identifying any or all such patent rights.
Any feedback and questions on this document should be directed to the users’ national committee. A
complete listing of these bodies can be found on the CENELEC website.
Endorsement notice
The text of the International Standard IEC 63223-2:2026 was approved by CENELEC as a European
Standard without any modification.
In the official version, for Bibliography, the following notes have to be added for the standard indicated:
IEC 63223 series NOTE Approved as FprEN IEC 63223 series to be published
Approved as FprEN IEC 63223-1:2026 (not modified) to be
IEC 63223-1:2026 NOTE
published
IEC 31010:2019 NOTE Approved as EN IEC 31010:2019 (not modified)
IEC 60812:2018 NOTE Approved as EN IEC 60812:2018 (not modified)
IEC 61882:2016 NOTE Approved as EN 61882:2016 (not modified)
IEC 61025:2006 NOTE Approved as EN 61025:2007 (not modified)
IEC 62502:2010 NOTE Approved as EN 62502:2010 (not modified)
IEC 60300-3-11:2009 NOTE Approved as EN 60300-3-11:2009 (not modified)
IEC 61703:2016 NOTE Approved as EN 61703:2016 (not modified)
IEC 61649:2008 NOTE Approved as EN 61649:2008 (not modified)
IEC 60300-3-4:2022 NOTE Approved as EN IEC 60300-3-4:2022 (not modified)
Annex ZA
(normative)
Normative references to international publications
with their corresponding European publications
The following documents are referred to in the text in such a way that some or all of their content
constitutes requirements of this document. For dated references, only the edition cited applies. For
undated references, the latest edition of the referenced document (including any amendments)
applies.
NOTE 1  Where an International Publication has been modified by common modifications, indicated by (mod),
the relevant EN/HD applies.
NOTE 2  Up-to-date information on the latest versions of the European Standards listed in this annex is available
here: www.cencenelec.eu.
Publication Year Title EN/HD Year
IEC 60050-693 — Management of network assets in power EN IEC 60050-693 —
systems - Terminology
Under preparation. Stage at the time of publication: IEC FDIS 60050-693:2025.
IEC 63223-2 ®
Edition 1.0 2026-07
INTERNATIONAL
STANDARD
Management of network assets in power systems -
Part 2: Risk-informed decision-making process
ICS 29.240.01; 03.100.01 ISBN 978-2-8327-1359-4

IEC 63223-2:2026-07(en)
IEC 63223-2:2026 © IEC 2026
CONTENTS
FOREWORD . 3
INTRODUCTION . 5
0.1 General . 5
0.2 Benefits of the risk-informed decision-making process . 5
0.3 Relationship to asset management system . 6
1 Scope . 7
2 Normative references . 7
3 Terms, definitions and abbreviated terms . 7
3.1 Terms and definitions . 7
3.2 Abbreviated terms. 10
4 Risk-informed decision-making process and principles . 10
4.1 Core concepts of risk science . 10
4.1.1 General. 10
4.1.2 Uncertainty . 11
4.1.3 Risk . 11
4.1.4 Risk representation . 11
4.1.5 Risk control . 12
4.1.6 Risk management strategy . 12
4.2 Asset management requirements . 14
4.2.1 General. 14
4.2.2 Asset portfolio . 14
4.2.3 Decision-making criteria . 14
4.2.4 Asset management objectives . 14
4.2.5 Asset management plans . 15
4.3 Risk-informed decision-making process implementation. 15
4.3.1 General. 15
4.3.2 General documented information of the RIDM process . 17
4.3.3 Roles in the RIDM process . 17
4.3.4 Documented information at each iteration of the RIDM process . 17
5 Risk decision-making context . 18
5.1 Risk identification . 18
5.2 Knowledge characterization . 18
5.3 Stakeholders' concerns . 18
6 Risk management strategies . 19
6.1 Risk analysis . 19
6.1.1 Risk mitigation options identification . 19
6.1.2 Probability models. 19
6.1.3 Consequence evaluation . 20
6.1.4 Risk mitigation options evaluation . 20
6.1.5 Strength of knowledge . 21
6.2 Cautionary principle . 22
6.2.1 Actions to improve knowledge . 22
6.2.2 Identifying cautionary measures . 22
6.2.3 Impact of the cautionary measures on the stakeholders . 22
6.3 Discursive strategy . 23
6.3.1 Sharing knowledge and objectives . 23
IEC 63223-2:2026 © IEC 2026
6.3.2 Alignment on values and objectives . 23
6.3.3 Alignment on risk controls . 23
7 Managerial review and judgement . 23
7.1 Quality of the analyses . 23
7.1.1 Competence and independence of the analysts . 23
7.1.2 Conformity of the analyses . 24
7.1.3 Consensus among the analysts . 24
7.2 Risk control option analysis . 24
7.2.1 Performance of risk control options . 24
7.2.2 Operational impact of risk control options . 24
7.2.3 Other considerations of risk control options . 24
7.3 Portfolio analysis . 24
7.3.1 Portfolio performance . 24
7.3.2 Portfolio constraints . 25
8 Performance evaluation and improvement . 25
8.1 Monitoring the decision . 25
8.2 Reviewing . 25
8.3 Improving. 26
Bibliography . 27

Figure 1 – The three main risk management strategies and their relationship with the
dimensions of uncertainty . 13
Figure 2 – Risk-informed decision-making process for managing network assets of
power systems . 15

Table 1 – Example of parameter(s) for optimization, implementation costs and residual
risks (not limited to financial aspects) for some preventive risk mitigation options . 21

IEC 63223-2:2026 © IEC 2026
INTERNATIONAL ELECTROTECHNICAL COMMISSION
____________
Management of network assets in power systems -
Part 2: Risk-informed decision-making process

FOREWORD
1) The International Electrotechnical Commission (IEC) is a worldwide organization for
standardization comprising all national electrotechnical committees (IEC National Committees).
The object of IEC is to promote international co-operation on all questions concerning
standardization in the electrical and electronic fields. To this end and in addition to other
activities, IEC publishes International Standards, Technical Specifications, Technical Reports,
Publicly Available Specifications (PAS) and Guides (hereafter referred to as “IEC
Publication(s)”). Their preparation is entrusted to technical committees; any IEC National
Committee interested in the subject dealt with may participate in this preparatory work.
International, governmental and non-governmental organizations liaising with the IEC also
participate in this preparation. IEC collaborates closely with the International Organization for
Standardization (ISO) in accordance with conditions determined by agreement between the two
organizations.
2) The formal decisions or agreements of IEC on technical matters express, as nearly as
possible, an international consensus of opinion on the relevant subjects since each technical
committee has representation from all interested IEC National Committees.
3) IEC Publications have the form of recommendations for international use and are accepted
by IEC National Committees in that sense. While all reasonable efforts are made to ensure that
the technical content of IEC Publications is accurate, IEC cannot be held responsible for the
way in which they are used or for any misinterpretation by any end user.
4) In order to promote international uniformity, IEC National Committees undertake to apply IEC
Publications transparently to the maximum extent possible in their national and regional
publications. Any divergence between any IEC Publication and the corresponding national or
regional publication shall be clearly indicated in the latter.
5) IEC itself does not provide any attestation of conformity. Independent certification bodies
provide conformity assessment services and, in some areas, access to IEC marks of conformity.
IEC is not responsible for any services carried out by independent certification bodies.
6) All users should ensure that they have the latest edition of this publication.
7) No liability shall attach to IEC or its directors, employees, servants or agents including
individual experts and members of its technical committees and IEC National Committees for
any personal injury, property damage or other damage of any nature whatsoever, whether direct
or indirect, or for costs (including legal fees) and expenses arising out of the publication, use
of, or reliance upon, this IEC Publication or any other IEC Publications.
8) Attention is drawn to the Normative references cited in this publication. Use of the referenced
publications is indispensable for the correct application of this publication.
9) IEC draws attention to the possibility that the implementation of this document may involve
the use of (a) patent(s). IEC takes no position concerning the evidence, validity or applicability
of any claimed patent rights in respect thereof. As of the date of publication of this document,
IEC had not received notice of (a) patent(s), which may be required to implement this document.
However, implementers are cautioned that this may not represent the latest information, which
may be obtained from the patent database available at https://patents.iec.ch. IEC shall not be
held responsible for identifying any or all such patent rights.
IEC 63223-2:2026 © IEC 2026
IEC 63223-2 was prepared by IEC Technical Committee 123: Management of network assets
in power systems. It is International Standard.
The text of this International Standard is based on the following documents:
Draft Report on voting
123/135/FDIS 123/141/RVD
Full information on the voting for its approval can be found in the report on voting indicated in
the above table.
The language used for the development of this International Standard is English.
This document was drafted in accordance with ISO/IEC Directives, Part 2, and developed in
accordance with ISO/IEC Directives, Part 1 and ISO/IEC Directives, IEC Supplement, available
at www.iec.ch/members_experts/refdocs. The main document types developed by IEC are
described in greater detail at www.iec.ch/publications.
A list of all parts of the IEC 63223 series, under the general title Management of network assets
in power systems, can be found on the IEC website.
The committee has decided that the contents of this document will remain unchanged until the
stability date indicated on the IEC website under webstore.iec.ch in the data related to the
specific document. At this date, the document will be
– reconfirmed,
– withdrawn, or
– revised.
IEC 63223-2:2026 © IEC 2026
INTRODUCTION
0.1 General
This document specifies requirements, recommendations, and examples for implementing a
risk-informed decision-making (RIDM) process for managing existing network assets on power
systems. The main intended audience includes power network organizations’ stakeholders and
decision makers, such as asset managers, risk managers, regulators, asset owners, and service
providers.
ISO 55000:2024 [1] and ISO 55001:2024 [2] provide asset management principles and asset
management system requirements for any organization. IEC TS 63224:2025 [3] gives
recommendations for asset management aspects of power system network organizations. The
IEC 63223 series [4] aims to establish International Standards specific to asset management
for power system networks. While IEC 63223-1:2026 [5] provides an overview of the scope,
principles, and terminology, this document focuses on a process for making risk-informed
decisions regarding existing assets. These decisions are driven by the creation of asset related
value through mitigation of the risks. Quantitative assessments such as cost-benefit analyses
are generally the most advisable approach to justify renewal investments and risk mitigation
measures such as inspections and monitoring. However, risk analysis relies on calculation and
expert judgment, which depend on assumptions, models, and data that are not always validated.
As a result, the outcomes can mislead decision makers if they do not adequately account for
all uncertainties and risk controls derived from other risk management strategies such as the
cautionary principle and the discursive strategy.
This document intends to support and inform asset managers, decision makers, and
stakeholders affected by the risk in establishing the appropriate risk management approach
consistent with the asset management objectives, decision-making criteria, and the risk
decision-making context. It details the necessary steps for controlling risks in an asset
management framework by specifying:
– the risk decision-making context with regard to asset management objectives, available
knowledge, and internal and external stakeholders' concerns;
– the relevant risk management strategies consistent with the risk decision-making context
(risk analysis, cautionary principle, and discursive strategy);
– essential criteria to support decision-making;
– evaluation criteria and actions to ensure continual improvement.
The RIDM process aims to support decision-making without mandating a specific method or
providing detailed calculations for particular risk assessment techniques. It encourages the use
of appropriate methods in each step, referencing other standards or scientific sources, such as
the risk assessment techniques outlined in IEC 31010:2019 [6]. It also enhances the process
described in IEC 31010:2019 [6] and ISO 31000:2018 [7] by integrating the asset management
principles and providing guidelines to handle all manifestations of uncertainty.
0.2 Benefits of the risk-informed decision-making process
The RIDM process provides a structured approach for managing the risks of network assets in
power systems. It contributes to achieving the organizational objectives by ensuring
transparency, consistency, and traceability of risk-informed decisions, and detailing the steps
that support asset management stakeholders in their analyses by:
– providing guidance on the appropriate category of risk assessment techniques at each step
of the process (risk identification, risk analysis, comparing risk mitigation options);
– providing essential information and warnings when performing a risk analysis by:
___________
Numbers in square brackets refer to the Bibliography.
IEC 63223-2:2026 © IEC 2026
• specifying the essential information for the risk analysis (probability model,
consequences, performance criteria);
• specifying the strength of knowledge supporting assumptions, models and parameters;
– guiding toward other complementary risk management strategies when necessary,
deliberating on risk analysis output and detecting constraints and conflicts by:
• comparing options based on their performance;
• considering the background knowledge supporting the risk analysis;
• identifying the impacts of the decisions on the asset portfolio and for stakeholders;
– implementing performance evaluation and continuous improvement, including:
• enhancing knowledge through information gathering, data collection, or experimentation;
• identifying deviations from assumptions or expected performance;
• ensuring that lessons learned are incorporated into future iterations of the process.
0.3 Relationship to asset management system
This document is based on the principles of asset management outlined in ISO 55000:2024 [1].
The focus is on implementing an RIDM process to mitigate network asset risks in power
systems. Subclause 4.2 introduces essential elements of asset management and associated
requirements. The requirements are independent but aligned with those of ISO 55001:2024 [2].
In the case of an asset management system conforming to ISO 55001:2024 [2], the RIDM
process is part of the asset management decision-making framework described in 4.5 of ISO
55001:2024 [2], which is included in the strategic asset management plan according to 6.2 of
the same standard. In addition, the RIDM process helps contribute to satisfying several
subclauses of ISO 55001:2024 [2], including:
– subclause 4.5 Asset management decision-making;
– subclause 6.1 Actions to address risks and opportunities;
– subclause 7.6 Data and information;
– subclause 7.7 Knowledge;
– subclause 9.1 Monitoring, measurement, analysis, and evaluation.
IEC 63223-2:2026 © IEC 2026
1 Scope
This document specifies requirements, recommendations, and examples for implementing a
risk-informed decision-making (RIDM) process for managing existing network assets in power
systems. The intended audience concerns power network organizations' stakeholders and
decision makers, such as asset managers, risk managers, regulators, asset owners, and service
providers. The RIDM process details the steps to ensure transparency, consistency, and
traceability of the decision by:
– specifying the risk decision-making context depending on asset management objectives,
available knowledge, and risk stakeholders' concerns;
– identifying the appropriate risk management strategies and the knowledge supporting the
analyses;
– detailing the essential steps for conducting a risk analysis and justifying investments,
regardless of the calculation methods used;
– providing essential information and warnings to decision makers;
– implementing performance evaluation and continuous improvement.
The document is based on the asset management principles from ISO 55000:2024 [1] and is
aligned with ISO 55001:2024 [2]. Compliance with the requirements of this document is
independent of compliance with ISO 55001:2024 [2].
2 Normative references
The following documents are referred to in the text in such a way that some or all of their content
constitutes requirements of this document. For dated references, only the edition cited applies.
For undated references, the latest edition of the referenced document (including any
amendments) applies.
IEC 60050-693:—, International Electrotechnical Vocabulary (IEV) - Part 693: Management of
network assets in power systems
3 Terms, definitions and abbreviated terms
3.1 Terms and definitions
For the purposes of this document, the terms and definitions given in IEC 60050-693:— as
well as the following apply.
ISO and IEC maintain terminology databases for use in standardization at the following
addresses:
– IEC Electropedia: available at https://www.electropedia.org/
– ISO Online browsing platform: available at https://www.iso.org/obp
3.1.1
risk
effect of uncertainty (3.1.3) on objectives (3.1.2)
Note 1 to entry: An effect is a deviation from the expected. It can be positive, negative or both, and can address,
create or result in opportunities and threats.
Note 2 to entry: objectives (3.1.2) can have different aspects and categories, and can be applied at different levels.
___________
Under preparation. Stage at the time of publication: IEC FDIS 60050-693:2025
IEC 63223-2:2026 © IEC 2026
Note 3 to entry: Risk is usually expressed in terms of risk sources, potential events, their consequences and their
likelihood.
[SOURCE: ISO 31073:2022 [8], 3.1.1]
3.1.2
objective
result to be achieved
Note 1 to entry: An objective can be strategic, tactical or operational.
Note 2 to entry: Objectives can relate to different disciplines (such as finance, health and safety, and
environmental). They can be, for example, organization-wide or specific to a project, service, product or process (IEV
693-01-19).
Note 3 to entry: An objective can be expressed in other ways, e.g. as an intended result, as a purpose, as an
operational criterion, as an asset management objective or by the use of other words with similar meaning (e.g. aim,
goal, or target).
Note 4 to entry: In the context of asset management systems (IEV 693-01-39), asset management objectives are
set by the organization (3.1.6), consistent with the asset management policy (IEV 693-01-18), to achieve specific
results.
[SOURCE: IEC 60050-693:— [9], 693-01-12]
3.1.3
uncertainty
state, even partial, of deficiency of information related to understanding or knowledge
Note 1 to entry: In some cases, uncertainty can be related to the organization's (3.1.6) context as well as to its
objective (3.1.2).
Note 2 to entry: Uncertainty is the root source of risk (3.1.1), namely any kind of "deficiency of information" that
matters in relation to objectives (3.1.2) (and objectives, in turn, relate to all relevant interested parties’ needs and
expectations).
[SOURCE: ISO 31073:2022 [8], 3.1.3]
3.1.4
consequence
outcome of an event (3.1.5) affecting objectives (3.1.2)
Note 1 to entry: A consequence can have positive or negative, direct or indirect, effects on objectives.
Note 2 to entry: Consequences can be expressed qualitatively or quantitatively.
Note 3 to entry: Any consequence can escalate through cascading and cumulative effects.
[SOURCE: IEC 60050-693:— [9], 693-03-14]
3.1.5
event
occurrence or change of a particular set of circumstances
Note 1 to entry: An event can have one or more occurrences, and can have several causes and several
consequences (3.1.4).
Note 2 to entry: An event can also be something that is expected which does not happen, or something that is not
expected which does happen.
Note 3 to entry: An event can be a a risk source.
[SOURCE: IEC 60050-693:— [9], 693-03-09]
IEC 63223-2:2026 © IEC 2026
3.1.6
organization
person or group of people that has its own functions with responsibilities, authorities and
relationships to achieve its objectives (3.1.2)
Note 1 to entry: The concept of organization includes, but is not limited to, sole-trader, company, corporation, firm,
enterprise, authority, partnership, charity or institution, or part or combination thereof, whether incorporated or not,
public or private.
Note 2 to entry: If the organization is part of a larger entity, the term "organization" refers only to the part of the
larger entity that is within the scope of the asset management system (IEV 693-01-38).
[SOURCE: IEC 60050-693:— [9], 693-01-13]
3.1.7
stakeholder
organization (3.1.6) that can affect, be affected by, or perceive itself to be affected by a decision
or activity
[SOURCE: IEC 60050-693:— [9], 693-01-23]
3.1.8
risk control
measure that maintains and/or modifies risk (3.1.1)
Note 1 to entry: Risk controls include, but are not limited to, any process, policy, device, practice, or other conditions
and/or actions which maintain and/or modify risk.
Note 2 to entry: Risk controls do not always exert the intended or assumed modifying effect.
[SOURCE: ISO 31073:2022 [8], 3.3.33]
3.1.9
documented information
information required to be controlled and maintained by an organization (3.1.6) and the medium
on which it is contained
Note 1 to entry: Documented information can be in any format and media and from any source.
Note 2 to entry: Documented information can refer to:
– the management system (IEV 693-01-38), including related processes;
– information created in order for the organization to operate (documentation);
– evidence of results achieved (e.g. records).
[SOURCE: IEC 60050-693:— [9], 693-01-06]
3.1.10
asset
item, thing or entity that has potential or actual value to an organization (3.1.6)
Note 1 to entry: Assets can be physical or non-physical.
Note 2 to entry: A grouping of assets referred to as an asset system (IEV 693-01-28) can also be considered as an
asset.
[SOURCE: IEC 60050-693:— [9], 693-01-25]
IEC 63223-2:2026 © IEC 2026
3.1.11
asset portfolio
set of assets (3.1.10) that are within the scope of the asset management system (IEV 693-01-39)
Note 1 to entry: A portfolio is typically established and assigned for managerial control purposes.
[SOURCE: IEC 60050-693:— [9], 693-01-27]
3.1.12
asset management
coordinated activity of an organization (3.1.6) to realize value from assets (3.1.10)
Note 1 to entry: Realization of value will normally involve a balancing of costs, risks (3.1.1), opportunities and
performance (IEV 693-01-17) benefits.
Note 2 to entry: Activity can also refer to the application of the elements of the asset management system (IEV
693-01-39).
Note 3 to entry: The term "activity" has a broad meaning and can include, for example, the approach, the planning,
the plans and their implementation.
[SOURCE: IEC 60050-693:— [9], 693-01-31]
3.1.13
asset management plan
documented information (3.1.9) that specifies the activities, resources and timescales required
for an individual asset (3.1.10), or a grouping of assets, to achieve the organization's (3.1.6)
asset management (3.1.12) objective (3.1.2)
Note 1 to entry: The grouping of assets can be by asset type (IEV 693-01-29), asset class, asset system (IEV 693-
517 01-28) or asset portfolio (3.1.11).
Note 2 to entry: An asset management plan is derived from the strategic asset management plan (IEV 693-01-32).
Note 3 to entry: An asset management plan can be contained in, or can be a subsidiary plan of, the strategic asset
management plan.
[SOURCE: IEC 60050-693:— [9], 693-01-33]
3.2 Abbreviated terms
RIDM Risk-informed decision-making
4 Risk-informed decision-making process and principles
4.1 Core concepts of risk science
4.1.1 General
The management of power network assets is significantly influenced by risk, particularly due to
asset failures. Effectively managing risk requires a sound understanding of the essential
concepts of risk science, as appropriate risk controls depend heavily on the nature of the
uncertainties involved. Risk science establishes the foundational concepts and principles
necessary for understanding, characterizing, evaluating, and managing risks. The formal
definitions applicable to this document are those established in 3.1, while 4.1.2, 4.1.3, 4.1.4
and 4.1.5 provide additional references, explanations, and comments to facilitate understanding
and to support the development in 4.1.6 of the three main risk management strategies central
to the process.
IEC 63223-2:2026 © IEC 2026
4.1.2 Uncertainty
Uncertainty reflects incomplete information or knowledge related to assumptions, quantities,
events, and their occurrence [10]. It is generally categorized into the following types (see IEC
31010:2019 [6], [11] and [12]):
– Aleatory uncertainty refers to the inherent variability in a phenomenon or within a population,
such as time to failure, deterioration increment, or failure occurrence within a specific time
interval following a monitoring alert for an asset fleet. Aleatory uncertainty is mainly
represented by a probability model, such as the probability distribution of the time-to-failure
within an asset fleet or a stochastic process describing the deterioration of an asset over
time.
– Epistemic uncertainty arises from incomplete information or knowledge, affecting
understanding of the problem under consideration and the ability to model it. In quantitative
assessment, epistemic uncertainty refers to the lack of justification or validation of
assumptions, models, and parameter values, reflecting issues with scientific knowledge of
the problem, data, or accuracy. It can result from complexity (the difficulties in predicting a
system's behaviour despite knowledge of its components) and interpretative ambiguity due
to differing interpretations of an assessment's results.
– Normative ambiguity involves differing implicit values, priorities, or objectives among
stakeholders. This can manifest as constraints on the resources required to implement
decisions, conflicts between decisions and operational rules, or issues of responsibility
arising after an undesired event (involving decision makers, affected stakeholders, and
legally accountable parties).
Recognizing and addressing these dimensions of uncertainty is crucial in risk management, as
they guide the selection of appropriate strategies for risk mitigation and decision-making.
4.1.3 Risk
In this document, risk is considered as the combination of consequences related to an event or
activity and the associated uncertainties, as introduced in 4.1.2 (see IEC 31010:2019 [6] and
[10]). This document mainly addresses undesired consequences relating to network assets on
power systems and the organization's objectives.
4.1.4 Risk representation
The three dimensions of uncertainty indicate that the same risk is not necessarily perceived in
the same way by different stakeholders. This perception varies depending on their knowledge,
the consequences that affect them directly, and their objectives or priorities.
To distinguish the concept of risk from its representation, which can vary among stakeholders,
this representation can be described as the combination of:
– the choice of undesired consequences;
– the choice of probability models, particularly those reflecting aleatory uncertainty;
– the supporting knowledge that justifies the description.
This approach highlights the central role of knowledge, as well as its limitations, in the
perception of risk. Normative ambiguity arises when there is no alignment among stakeholders
regarding this representation. Differences can concern:
– the choice of undesired consequences (range, magnitude, or value);
– the choice of probability models (event occurrence, or distribution of consequence
magnitude);
– the supporting knowledge (lack of consensus, or indicators challenging the validity of
assumptions, models, or parameter values).
IEC 63223-2:2026 © IEC 2026
4.1.5 Risk control
Risk control is a measure intended to modify risk . It includes any actions having an impact on
the consequences or the associated uncertainties by:
– improving knowledge when there are significant epistemic uncertainties;
– clearing up ambiguities from assessment results, differing values or priorities among risk
stakeholders;
– reducing or preventing the occurrence of an undesirable event through preventive
measures;
– minimizing the consequences of an undesirable event through preventive or protective
measures;
– limiting the extent of the consequences of an undesirable event through reactive actions.
In this document, the expressions risk mitigation option and cautionary measures are also
employed to refer to types of risk controls in specific contexts:
– risk mitigation option refers to a risk control whose performance is compared with other
options during risk analysis in 6.1;
– cautionary measures refers to risk controls applied under the cautionary principle in 6.2
when there is significant uncertainty.
4.1.6 Risk management strategy
Risk management covers all coordinated activities to direct and control an organization with
regard to risk (see ISO 31073:2022 [13]). Adequate risk controls depend on the nature of the
uncertainties and consequences underlying the risk. There are three main risk management
strategies to address the risk decision-making context and identify the relevant risk control
options [12]:
– Risk analysis with quantitative assessment aims to compare risk control options based on
socio-economic criteria. A probability model represents uncertainty, while monetary values
are often used to express consequences (see 6.1). This approach is generally the most
desirable, as it supports the justification and optimization of risk control options through the
determination of their value in monetary terms, and facilitates the anticipation of necessary
resources. However, sufficient knowledge and data are essential to validate assumptions,
models, and parameter values in order to provide relevant information to decision makers.
– The cautionary principle applies when there is large uncertainty (e.g. lack of knowledge,
complexity, interpretative ambiguity or rare events) and potential for significant
consequences. It focuses on improving knowledge and finding temporary risk controls that
reliably reduce risk without creating new issues for the risk stakeholders (see 6.2). This
approach complements risk analysis by addressing situations where the knowledge
underlying the quantitative assessment is weak [14] [15]. It also applies to high-impact, low-
frequency events, where traditional economic assessments may not adequately support the
implementation of essential risk controls due to data scarcity or stakeholder value
divergence. However, significant uncertainty and limited knowledge can complicate the
establishment or long-term sustainability of risk controls, particularly when they impose
additional constraints on stakeholders such as operating or maintenance personnel. In such
cases, conducting a more informed risk analysis or adopting a discursive strategy can be
necessary.
– The discursive strategy is applied when stakeholders affected by the risk have differing
values and priorities (normative ambiguity), often revealed by constraints or conflicts. It
focuses on reaching a consensus on the risk representation, the objectives, and available
risk controls (see 6.3). The strategy also involves making compromises to address the
concerns of all stakeholders, which can include revising objectives and decision-making
criteria, as well as partially implementing the risk controls.
Risk management aims to balance these three strategies appropriately, taking into account the
identified risks, the available knowledge, and stakeholders’ concerns, which reflect the three
dimensions of uncertainty: aleatory, epistemic, and normative ambiguity (see Figure 1).
IEC 63223-2:2026 © IEC 2026
NOTE The uncertainty context is characterized by three dimensions of uncertainty: aleatory, epistemic, and normative ambiguity. These are respectively addressed by the risk
analysis, the cautionary principle, and the discursive strategy. When the knowledge supporting the assumptions, models, or parameter values used in risk analysis is weak, the
cautionary principle accounts for situations in which the analysis can mislead the decision makers. When risk analysis or the cautionary principle lead to the implementation of risk
controls that create conflicts or constraints, the discursive strategy seeks alignment among stakeholders. The resulting consensus can lead to a revision of objectives.
Figure 1 – The three main risk management strategies and their relationship with the dimensions of uncertainty
SIST EN IEC 6
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