According to the ISO, risk can be defined as “The effect of uncertainty on objectives.”, while risk management refers to “Coordinated activities to direct and control an organisation with regard to risk”. One of the ways in which organisations can manage and prevent risks, is through the use of a standard like that of ISO 31000.
Uncertainty and risks are a part of life, and a part of business. Organisations of all types and sizes face internal and external factors and influences that may make it uncertain whether they will achieve their objectives. Without frameworks such as ISO 31000:2018, risk is often approached in a haphazard and ineffective manner.
Who is ISO 31000 for?
ISO 31000 is applicable to all organisations, no matter the size, type, activities and location. ISO 31000 covers all types of risks.
ISO 31000 is intended for a broad stakeholder group, including:
- Executive level stakeholders
- Appointment holders in the enterprise risk management group
- Line managers and project managers
- Independent practitioners
- Risk analysts and management officers
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What are the fundamental principles of ISO 31000?
ISO 31000 is built upon 11 principles, namely:
- Risk management establishes and sustains value.
- Risk management is an integral part of all organizational processes.
- Risk management is part of decision making.
- Risk management explicitly addresses uncertainty.
- Risk management is systematic, structured, and timely.
- Risk management is based on the best available information.
- Risk management is tailored.
- Risk management takes human and cultural factors into account.
- Risk management is transparent and inclusive.
- Risk management is dynamic, iterative, and responsive to change.
- Risk management facilitates continual improvement of the organization.
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