What is ISO 31000 Certification?
ISO 31000 is the international Standard for risk management, created by the International Organisation of Standardisation (ISO). It creates a framework of best-practice processes that enable an organisation to manage risks, protect it from internal and external threats and improve overall crisis management. ISO 31000 Certification is key to the success of any business.
ISO 31000:2018 Risk Management provides principles, frameworks and a process for managing risk. Public, private and community enterprises can all benefit from ISO 31000:2018 because it covers most business activities, including research, planning, management and communications. Implementing ISO 31000:2018 can help organisations 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 ISO 31000 requirements?
The requirements of ISO 31000 fall into roughly four categories:
Risk management – the processes your business must follow to run a successful risk management system and take control of risk.
Management responsibility – the areas within the management system that your management team need to focus on, be involved with and be accountable for.
Resource management – how resources such as people, infrastructure and facilities must be assigned to ensure that the management system performs well.
Measurement, analysis and improvement – how you can determine if your management system is working as expected, facilitating the continual improvement of your system.
What are the 8 principles of risk management?
Let’s look at each a little more closely.
Structured and comprehensive. …
Uses best available information. …
Considers human and culture factors. …
Practices continual improvement.
Benefits of ISO 31000 Risk Management Standard
- It can be used by organisations to compare their risk management practices with an internationally recognised benchmark, providing sound principles for effective management and corporate governance.
- It is a clear indicator to your customers and other stakeholders that as an organisation, you are committed to managing risks in every part of your business.
- It increases public confidence in the organisation as it demonstrates your management capabilities in protecting your business from internal and external threats.
- ISO 31000:2018 Certification helps to provide guidance for internal or external audit programmers.
- In competitive bidding for commercial tenders, it will enhance your company’s reputation and give you a competitive advantage.
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