ISO 31000 Risk Management Standard

ISO 31000, established by the International Organization for Standardization, provides guidelines and principles for creating a risk management framework and process. This international standard is applicable to any private or community enterprise, association, group, or individual, and is not specific to any industry or sector. It can be used to manage risk related to the development, management, and implementation of any service, project, or function.

Risk Management Vocabulary: ISO Guide 73

ISO Guide 73, “Risk management vocabulary,” complements ISO 31000 by providing a collection of terms and definitions specifically related to the management of risk.

Risk Assessment Techniques: ISO/IEC 31010

ISO/IEC 31010, “Risk management – Risk assessment techniques,” is a supporting standard for ISO 31000 and provides guidance on the selection and application of systematic techniques for risk assessment. This standard assists organizations in understanding and prioritizing risks.

How to Get Certified to ISO 31000

To achieve certification in ISO 31000, organizations typically navigate through the following steps:

• Understanding the Standard: In-depth comprehension of the principles, guidelines, and requirements of ISO 31000.
• Risk Management System Design & Implementation: Developing and incorporating a risk management system (RMS) that adheres to the standard.
• Internal Audits: Conducting audits to ensure the RMS’s compliance with ISO 31000.
• Certification Audit: Undergoing an audit by an external certification body to validate the effectiveness and compliance of the RMS.
• Continuous Improvement: Employing mechanisms for regular reviews and enhancements of the RMS.

ISO 3000 Risk Management System

Again, reverting to the widely-acknowledged ISO 31000, organizations should consider integrating a risk management system that comprehensively addresses:

• Policy and Commitment: Establishing a policy that defines the organization’s approach to managing risk.
• Integration into Governance: Embedding risk management into the governance structure of the organization.
• Implementation Plan: Developing a plan that defines objectives, scope, and timeframe for implementing risk management.
• Performance Monitoring & Improvement: Establishing mechanisms for continuous improvement and enhancing the RMS.

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