About Risk management,
ISO 31000 provides guidelines on managing risk faced by organizations. It provides a common approach in managing risks. It is not a certifiable standard.
Organisations customise these guidelines to design, implement and maintain risk management according to their organisation’s context and purposes.
These guidelines are designed to be used across various industries, niches, and business types, to provide the best practice structure and guidance to all operations seeking to use the principles of risk management.
Why it matters
The purpose of risk management is the creation and protection of value. It improves performance, encourages innovation and supports the achievement of objectives
Adopting the ISO 31000 Risk management guidelines allows organizations to:
- Know and understands the risks they face.
- Increase likelihood to achieve business objectives
- Promote proactive management of risk throughout the organization
- Improve mandatory and voluntary reporting to meet relevant legal and regulatory requirements and international norms
- Increase confidence and trust with customers and stakeholders