ISO 31000 – Risk Management

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.

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. Whether you work in a public, private, or community enterprise, you can benefit from ISO 31000, because it applies to most business activities including planning, management operations, and communication processes. While all organizations manage risk to some extent, this international standard’s best-practice recommendations were developed to improve management techniques and ensure safety and security in the workplace at all times.

By implementing the principles and guidelines of ISO 31000 in your organization, you will 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.

A defined risk management process will allow your organization to:

• Effectively achieve its key objectives
• Oversee the entire risk management process
• Ensure risks are managed proactively in specific areas and activities
• Gain assurance about the effectiveness of your company’s risk management
• Successfully respond to change in a timely fashion

ISO 31100:2011 is based on the best available and up-to-date information on risk management and can act as an integral part of all organizational processes by facilitating the continual improvement of your business.