ISO 31000 : 2018 – Risk Management System
ISO 31000 is an international standard for Risk Management that provides a set of principles, a Risk Management framework and process, which help organizations take a proactive approach to risks that they face. ISO 31000 helps organizations to develop, implement and continuously improve a framework that aims to integrate Risk Management strategies into the overall organizational processes including decision-making. The Risk Management process involves following five steps that identify circumstances, detect risk-associated hazards, assess and determine the risk, control evaluated risks and review the impact of the risks.
This international standard is important if you are interested in providing yourself with comprehensive guidelines that will help your organization strengthen its indecision-making process and overall management. ISO 31000 is intended to simplify the task of governing complex situations that require crucial decisions to be made towards a structured approach of identifying and judging risks
Benefits:
- Gain competitive advantage – enhanced risk management will support achieving goals and objectives
- Reduce costs through proper risk management
- Respond to change effectively and find viable solutions
- Create and protect value
- Increase the likelihood of achieving objectives
- Productively identify the opportunities and threats
- Identify and mitigate the risk throughout the organization
- Gain stakeholder confidence and trust
- Create a consistent basis for decision making and planning