ISO 31000 - Risk Management

Regardless of industry size, or sector, all organizations deal with risk. The type and severity of risk varies, but when it’s uncontrolled, negative economic, environmental, and societal consequences are likely. It is impossible to eliminate all risk—the world is full of uncertainties—but organizations can take steps to minimize it. This is where risk management and ISO 31000 comes into play. ISO 31000 is an international standard of recommended best practices for risk management. These recommendations help organizations improve management, safety, and security in the workplace, while also improving the quality and consistency of their output.

Implementation of ISO 31000 is voluntary. The benefits, however, are undeniable. Among other things, risk management:

• Improves efficiency in operations and the achievement of objectives.
• Addresses uncertainty and ensures that risks are managed proactively.
• Adapts to an organization’s needs, while improving stakeholder confidence.
• Responds to change and facilitates continual improvement.
• Minimizes losses.