ISO 31000 Risk Management

The Integrated Assessment Services (IAS) has launched new services to guide organizations to implement ISO 31000:2009, the first international standard for risk management. It intends to help companies identify and minimize risks in order to better protect physical assets, personnel, and financial performance. ISO 31000 is a risk management standard that applies to all organizations regardless of size, location, or activity.

What are the benefits for my business?

Implementing ISO 31000 also helps organizations see both the positive opportunities and negative consequences associated with risk, and allows for more informed, and thus more effective, decision making, namely in the allocation of resources. What’s more, it can be an active component in improving an organization’s governance and, ultimately, its performance.

Why ISO 31000:2019 is not Certifiable.

ISO 31000 provides guidelines, not requirements, and is therefore not intended for certification purposes.

Implementation Approach of ISO 31000

  • Be aware of your organization’s key objectives – this will help you understand the goals and scope of your risk management system.
  • Assess your current governance structure –This will ensure you allocate the right people and procedures for your organization to properly deal with risk..
  • Define your level of commitment – How much time and money will you need to take responsibility for your risk management system?.

How your organization will use ISO 31000 to reduce business risk?

ISO 31000 provides a comprehensive approach that helps organizations define, assess, manage and communicate their risks. It also encourages companies to focus on opportunities as well as threats. ISO 31000 sets up a risk management system that is aligned with ISO’s fundamental principles of risk management, which emphasizes the following five steps in this process:

  1. Risk identification – understanding the opportunities and threats;
  2. Risk assessment – identifying the likelihood and impact of these opportunities or threats;
  3. Risk response planning – developing policies for each type of risk identified.
  4. Implementation
  5. Monitoring and review ISO 31000 is also an important part of ISO’s integrated management approach, which helps organizations create a sound environmental, social, and governance structure. ISO 31000 can be implemented in conjunction with ISO’s other management standards, which can help create better leadership and decision-making processes.

Risk identification – understanding the opportunities and threats;

Risk identification is the process of determining risks that could potentially prevent a program, enterprise, or investment from achieving its objectives. It includes documenting and communicating the concern. There are many different types of risks; more important risks are

  •  legal risks,
  • environmental risks,
  • market risks,
  • regulatory risks,

and much more. It is important to identify as many of these risk factors as possible. For example, risk identification may include assessing IT security threats such as malware and ransomware, accidents, natural disasters, and other potentially harmful events that could disrupt business operations.

The process to identify the risk

Risk identification is a process for identifying and recording potential project risks that can affect project delivery. SWOT analysis is a tool for systematic risk identification consisting of four elements: strengths, weaknesses, opportunities, and threats

  • ISO 31000 ISO Policy – What policies will be required by ISO 31000?.
  • ISO 31000 ISO Business Case – Do you have the budget and resources to deal with ISO 31000?.
  • ISO 31000 System Documentation – How do you document your risk management system.
  • Implement ISO 31000 – When can you start to use ISO 31000?.
  • ISO 31000 ISO Policy Audit – What policies will be required by ISO 31000?.
  • ISO 31000 ISO Business Case Audit – Do you need to get ISO 31000 business case approved?.
  • ISO 31000 ISO Internal Audit – How do you conduct ISO 31000 internal audit..
  • ISO 31000 System Documentation Audit – How do you document ISO 31000 risk management system?.

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