As industries advance and automation becomes more prevalent, it is vital that safety remains at the forefront of discussions. To support this, Risk Management standards have been developed and adopted for both North American and International markets. Additionally, technical documents have been published to streamline risk management processes. Part of these emerging technologies includes Collaborative robots, each with specific methods tailored to their capabilities. These standards offer guidance not only to end-users but also to Robot manufacturers, ensuring adherence to safety standards and providing methods for risk mitigation. The risk levels and categories are organized in a hierarchical structure, ranging from the most severe to negligible. Under these standards, the process involves identifying risks, mitigating them, validating the mitigation through verification, and solidifying the results. As technologies continue to evolve, it is essential for standards to evolve accordingly to ensure optimal safety levels when implemented correctly. Having effective risk management in place for all Industrial Robot Systems is paramount to reduce liability and protect both operators and assets. Detail key standards are that govern the realm of industrial robot systems for both north America and the rest if the world as well as highlight robot manufacturers adherence to the standards, response to safety, and how risk management can be applied.