What is ISO 31000 Standards?

What is ISO 31000?

ISO 31000 is a set of general guidelines for Risk Management and a framework for managing risk. However, ISO 31000 cannot be used for certification, but it does provide recommendations for internal and external auditing programs. It allows organizations to evaluate their risk management strategies to a globally recognized standard, resulting in effective management and corporate governance principles (iso.org).

Who is ISO 31000 for?

It can be utilized by any company, regardless of size, activity, or sector, that wants to improve the likelihood of attaining objectives, improve the identification of opportunities and threats, and allocate and manage resources for risk treatment more efficiently.

Benefits of implementing ISO 31000

The several benefits of implementing ISO 31000 are:

Improve operational efficiency and governance.
Enforce the operational controls, which include mandatory and voluntary reporting.
Respond to change effectively and protect the company.

History of ISO 31000

There are 2 versions of ISO 31000 and the latest one was launched in 2018. Compared with the version in 2009, the ISO 14001 now has a greater emphasis on the main changes as below:

Review of the risk management principles
Focused leadership and commitment
Strategic focus on risk management, actions, and controls at each stage of the process

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ISO 31000

What is ISO 31000 Standards?

ISO 31000 is a set of general guidelines for Risk Management and a framework for managing risk...