Efficient risk management is crucial for every company. ISO 31000 – the international standard for risk management – teaches you how to assess the impacts of uncertainties on your decision-making processes. Doing so will benefit your organisation’s results and reputation in the long term.
What is ISO 31000?
ISO 31000 provides an international framework for setting up an efficient risk management system. The standard helps organisations identify threats and opportunities and manage them according to their own needs and goals. Every organisation, regardless of type, sector or size, can implement it. The most recent version is clearer and more accessible for everyone who wants to get the most out of risk management.
Published for the first time in 2009, the standard was revised in 2018 in order to accommodate the new business challenges of a globalised world. The standard:
- redefines the term ‘risk’ so that it is tailored to organisations;
- integrates risk management into business operations;
- uses simplified language and new future-oriented principles;
- emphasises the importance of risk management to value creation;
- involves stakeholders more.
Tips for implementing ISO 31000 successfully within your organisation
- Define your objectives. What do you want to achieve with your risk management system
- Assess your current risk management structure. What could be done better?
- Determine your level of involvement. What tools could you use to implement and maintain a risk management system?
How can ISO 31000 benefit efficient risk management?
Strategic consideration of risk management can help organisations identify and limit risks effectively. This will improve your chances of achieving your objectives and protecting your capital. ISO 31000 can contribute towards this by:
- encouraging the development of a risk management culture within an organisation;
- revealing opportunities and threats of risks;
- ensuring more informed decision-making when allocating resources.
Who is ISO 31000 intended for?
Anyone who is involved in risk management within an organisation can rely on ISO 31000. This means not just professional risk managers, but also:
- executive stakeholders;
- risk analysts and management staff;
- line managers;
- project managers;
- compliance and internal auditors.
Other relevant standards
Besides ISO 31000, there are a number of other related standards which will help you get started with setting up a quality management system within your organisation. These standards are:
- ISO 22301 –Business Continuity Management.
- ISO/IEC 27001 –Information Security Management.
- ISO 45001 –Occupational Health & Safety Management.
How should you go about implementing standards?
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