What is ISO 31000:2018 Risk Management System?


ISO 31000 is an international standard intended to serve as a guide for the design, implementation and maintenance of risk management. All types and sizes of organizations face internal and external factors and influences that make it uncertain whether and when they will achieve their objectives. The effect this uncertainty has on an organization’s objectives is risk.


Risk is involved in any activity of an organization. ISO 31000:2009 describes a systematic and logical process, during which organizations manage risk by identifying it, analyzing and then evaluating whether the risk should be modified by risk treatment in order to satisfy their risk criteria.


However, ISO 31000 cannot be used for certification purposes, but does provide guidance for internal or external audit programmes. Organizations using it can compare their risk management practices with an internationally recognised benchmark, providing sound principles for effective management and corporate governance.


Why ISO 31000 is important?

Risks affecting organizations can have consequences in terms of economic performance and professional reputation, as well as environmental, safety and societal outcomes. Therefore, managing risk effectively helps organizations to perform well in an environment full of uncertainty.


ISO 31000, Risk management Guidelines, provides principles, framework and a process for managing risk. It can be used by any organization regardless of its size, activity or sector. Using ISO 31000 can help organizations increase the likelihood of achieving objectives, improve the identification of opportunities and threats and effectively allocate and use resources for risk treatment.


What are the benefits of ISO 31000?

·         Giving you a competitive advantage 

·         Increasing employee awareness of organizational risks 

·         Reduce the frequency of, and ultimately eliminate risks 

·         Improve trust of stakeholders 

·         Foster forward-thinking mentalities 

·         Improve company culture 

·         Improve success rate 


Who can implement ISO 31000?

It is not specific to any industry or sector, so it can be used by any public, private or community enterprise, association, group or individual. This standard can be applied throughout the life of an organization, and to a wide range of activities, including strategies and decisions, operations, processes, functions, projects, products, services and assets.

Risk management can be applied to an entire organization, at its many areas and levels, at any time, as well as to specific functions, projects and activities.

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