Risk management – Guidelines
ISO 31000 provides guidance on establishing and implementing an enterprise risk management framework for any type of organisation within its context. The standard provides generic requirements and approach to managing any type of risk and it is not specific to any field of application or industry. As the fundamental purpose of managing risk is to create and to protect what’s valuable to the organisation, ISO 31000 specifies the principles required to ensure effective risk management framework:
- Risk management should be integrated with all organisational activities
- Achieving consistency through structured and comprehensive approach to risk management
- Risk management should be customised to the organisation’s needs and objectives
- Inclusiveness of stakeholders is a key success factor for risk management
- Risk management should be dynamic to respond to changes in context and operations
- risk management is based on best available information, and include aspects of limitations and uncertainty
This standard can be used by any organisation, regardless of its size, scope, field of business, public or private, to integrate and implement a risk management framework based on accepted international best practices.
ISO 31000 helps organisations in developing risk management processes that include risk identification, analysis and evaluation. It also provides guidance on selecting risk treatment strategies and options, and on developing, implementing and monitoring risk treatment plans.
Achieving ISO 31000 attestation for your risk management framework will help your organisation:
- Receive third-party verification and assurance of your risk management approach and processes.
- Ensure alignment of your risk management practices with international guidelines and benchmarks.
- Gain competitive advantage and supplier preference status with reputable and like-minded organisations.
- Implement a framework to manage and monitor your risk management performance and risk treatment plans.
- Achieve better business results through better understanding and management of risks within your business and operational environments.