ISO 31000 is an international standard published in 2009 that provides principles and guidelines for effective risk management.
All organizations are exposed to a number of threats that make them vulnerable and which can prevent them from properly achieving their objectives. In order to provide a universally recognized standard that can be used by any kind of organization for managing these risks effectively, the International Organization for Standardization (ISO) developed ISO 31000.
Key principles
- Risk identification
- Risk analysis
- Risk Evaluation
- Risk Treatment
- Establishing the context
- Monitoring and Review
Benefits of ISO 31000
- Improve the confidence of stakeholders
- Improve organizational learning
- Improve controls, effectiveness and operation efficiency
- Promote proactive management rather than reactive
- Increase safety and health performance
- Improve prevention and incident management
- Establish a reliable basis for decision-making and planning
- Comply with legal and regulatory requirements and international standards
- Minimize losses
- Distribute and effectively use resources to manage risks
- Improve financial information and business management
