ISO 31000- Introduction

ISO 31000 is risk management guideline. Risks affecting organizations can have consequences in terms of economic performance and professional reputation, as well as environmental, safety and societal outcomes. Therefore, managing risk effectively helps organizations to perform well in an environment full of uncertainty. Using ISO 31000 can help organizations increase the likelihood of achieving objectives, improve the identification of opportunities and threats and effectively allocate and use resources for risk treatment. However, ISO 31000 cannot be used for certification purposes, but does provide guidance for internal or external audit programmes.

ISO 31000-Benefits

There are numerous benefits of implementing ISO 31000. These include: 

• Make customer confident
• Reducing the overall costs of incidents
• Reducing downtime and the costs of disruption to operations from uncertainty issues
• Improve security of assets
• Improve staff morales

ISO 31000-reference

• ISO Guide 73, Risk management - Vocabulary: providing a collection of terms and definitions relating to the management of risk
• IEC 31010, Risk management – Risk assessment techniques focuses on risk assessment.