Every organization, no matter how large or small, knowingly and unknowingly considers risks and makes both formal and informal efforts to mitigate or accept risks. In a world full of uncertainties, systematically addressing and managing risk is critical to the economic performance and professional reputation of your organization. With ISO 31000, an organization can compare their risk management processes with an internationally recognized benchmark to achieve a robust framework for effective risk management and corporate governance.
What is ISO 31000?
ISO 31000:2018 is the international standard developed for managing risk. This document provides an organization with comprehensive principles, guidelines, and process for recognizing, evaluating, and mitigating risk within the organization. Because ISO 31000 applies to most business activities such as, communications, planning, and operations, this framework can be applied to any organization regardless of size, activity, or sector.
While ISO 31000 is not currently for certification, it can be used to supplement your certifiable management system standards. Implementing these best practice recommendations for managing risk within your organization with provide you with better health, safety, and security within the workplace, as well as improved management techniques such as, more efficient decision making and proactive initiatives, all while minimizing loss.
Benefits of ISO 31000 to your Organization
Implementing a defined risk management process will help the organization:
- Improve efficiency and reach the organization’s business objectives
- Better allocate resources to treat risk
- Oversee the risk management process as a whole
- Gain confidence in the organization’s ability to manage risk
- Proactively manage foreseeable risks within particular activities and areas
- Respond to unforeseen changes in an orderly and timely manner
- Improve customer and stakeholder confidence