What is ISO 31000?
Risk management is the identification and management of those risks that are attached to all of an organisation’s activities, in order to maximise opportunities and minimise adverse effects. ISO 31000 provides internationally recognised guidelines for this. These are not intended for certification, as are the requirements of many other standards, but their use will help formalise and embed sound risk management practices. ISO 31000 defines risk as “the effect of uncertainty on objectives”, thus causing the word “risk” to refer to positive possibilities as well as negative ones. But those too still have to be managed!
What are its benefits?
- supports strategic and business planning (objectives are more likely to be achieved)
- supports effective use of resources
- promotes continuous improvement
- means fewer shocks and unwelcome surprises (damaging things are less likely to happen)
- enables the quick grasp of new opportunities (beneficial things are more likely to be achieved)
- enhances communication between departments and divisions
- reassures customers and other stakeholders
- helps focus the internal audit programme
How we can help you implement and maintain it
The full benefits of risk management can only be achieved if it is well implemented and widely embraced throughout the organisation. By gaining understanding of your business structure and operation, we can assist in developing your risk management programme in order to fully comply with ISO 31000 guidelines in a way that supports your own strategy and goals. We have very experienced risk management experts who can
- help you integrate risk management approaches into operational and strategic planning processes and embed them throughout the organisation
- train your people at all levels from senior management to operational teams, not only in the requirements of ISO 31000, but also in business continuity management, security planning and security awareness