Overview to ISO 31000, Risk Management
What is Risk Management
We live in an ever-changing world where we are forced to deal with uncertainty every day. But how an organization tackles that uncertainty can be a key predictor of its success.
Risk is a necessary part of doing business, and in a world where enormous amounts of data are being processed at increasingly rapid rates, identifying and mitigating risks is a challenge for any company. It is no wonder then that many contracts and insurance agreements require solid evidence of sound risk management practice.
ISO 31000 provides direction on how companies can integrate risk-based decision-making into an organization’s governance, planning, management, reporting, policies, values, and culture. It is an open, principles-based system, meaning it enables organizations to apply the principles in the standard to the organizational context.
Who is ISO 31000 for
ISO 31000 is applicable to all organizations, regardless of type, size, activities, and location, and covers all types of risk. It was developed by a range of stakeholders and is intended for use by anyone who manages risks, not just professional risk managers.
What are the benefits for my business
ISO 31000 helps organizations develop a risk management strategy to effectively identify and mitigate risks, thereby enhancing the likelihood of achieving their objectives and increasing the protection of their assets. Its overarching goal is to develop a risk management culture where employees and stakeholders are aware of the importance of monitoring and managing risk. Implementing ISO 31000 also helps organizations see both the positive opportunities and negative consequences associated with risk, and allows for more informed, and thus more effective, decision-making, namely in allocating resources. What’s more, it can be an active component in improving an organization’s governance and, ultimately, its performance.
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