ISO 31000 RISK MANAGEMENT SYSTEM

ISO 31000 RISK MANAGEMENT SYSTEM (CURRENT VERSION ISO 31000:2009)

ISO 31000 is the international standard for risk management. By providing comprehensive principles and guidelines, this standard helps organizations with their risk analysis and risk assessments.

Risks affecting organizations can have consequences in terms of economic performance and professional reputation, as well as environmental, safety and societal outcomes. Therefore, managing risk effectively helps organizations to perform well in an environment full of uncertainty.

Organizations that manage risks effectively are more likely to protect themselves and succeed in growing their business. The challenge for any business is to integrate good practice into their day-to-day operations and apply it to the wider aspects of their organizational practice.

By implementing the principles and guidelines of ISO 31000 in your organization, you’ll be able to improve operational efficiency, governance and stakeholder confidence, while minimizing losses. This international standard also helps you to boost health and safety performance, establish a strong foundation for decision making and encourage proactive management in all areas.

It applies to most business activities including planning, management operations and communication processes.

Its implementation has some of the following benefits:

  • Improving operational efficiency and governance
  • Improving management system performance and resilience
  • Respond to change effectively and protect your business as you grow
  • Build stakeholder confidence in your use of risk techniques
  • Apply management system controls to risk analysis to minimize losses

Related Standards:

A number of other standards also relate to risk management.

ISO Guide 73:2009, Risk management – Vocabulary complements ISO 31000 by providing a collection of terms and definitions relating to the management of risk.

ISO/IEC 31010:2009, Risk management – Risk assessment techniques focuses on risk assessment. Risk assessment helps decision makers understand the risks that could affect the achievement of objectives as well as the adequacy of the controls already in place.  ISO/IEC 31010:2009 focuses on risk assessment concepts, processes and the selection of risk assessment techniques.

Training’s target audience:

Internal Auditors, System implementers and those involved in the risk management systems.