Compliance with ISO 31000 in combination with an Enterprise Quality Management System will provide the platform your organization needs for effective risk management.
ISO 31000:2009, Risk Management – Principles and Guidelines, provides the principles, a framework and a process for managing risk.
In order to develop and thrive, all enterprises need to identify, understand and manage risk. However, many of them lack guidance on how to manage risk and as result do not engage in a formal risk management process or develop effective means of treating risk. ISO 31000:2009 provides a proven, robust and reliable approach to managing risk. It can be used by any organization, regardless of its size, activity or sector.
ISO 31000:2009 is a high-level set of principles and guidelines on how to implement risk management. The standard cannot be used for certification, but instead organizations can compare their risk management practices with its internationally recognized benchmark, providing a sound set of principles for effective management and corporate governance.
By aligning risk management with ISO 31000:2009, organizations will implement risk management consistently and effectively. Using ISO 31000:2009 can help organizations of all sizes increase the likelihood of achieving their objectives, improve their identification of opportunities and threats, and allocate and use resources more effectively for risk treatment.
ISO 31000 is currently being revised in order to make it even easier to use. The revision seeks to make risk management as straightforward as possible by using simple language to express the fundamentals of risk management in a way that is coherent and understandable to users. The text has been reduced to its fundamental concepts to create a shorter, clearer and more concise document that is easier to read whilst remaining widely applicable. It aims to help risk experts and other stakeholders communicate better with each other.
More complex terms will move to ISO Guide 73, Risk management – Vocabulary, which deals specifically with risk management terminology and is intended to be consulted alongside ISO 31000.
The revised standard includes a number of substantial improvements, such as the importance of human and cultural factors in achieving an organization’s objectives and an emphasis on embedding risk management within the decision-making process. However, the overall message of ISO 31000 remains the same – integrating the management of risk into a strategic and operational management system.
Download our risk management handbook and give your organization the guidance it needs to manage the many risks it faces. The Risk Management Handbook: Supporting a Quality Culture Across Your Business