Risk Management

ISO 31000 Standardizes Risk Management

The ISO 31000 risk management system standard offers a common framework and process to manage organizational opportunities as well as threats.

ISO 31000 is a complementary standard to ISO 9000, ISO 14000 and OHSAS 18000, (soon to become ISO 45001) by guiding the application of these related standards within a comprehensive risk management system.

Any organization’s risk management should be capable of review and evaluation by any risk manager or auditor. ISO 31000 sets a framework for ‘components that provide the foundation and organizational arrangement for designing, implementing, monitoring, reviewing and continually improving risk management processes’.

The framework of 31000 follows the Plan, Do, Check, Act model, like other global management system standards. The standard also provides practical guidelines on how to;

  • implement risk management
  • identify risks
  • manage risks
  • improve organizational performance
  • maximize opportunities and minimise losses
  • maintain raise awareness of opportunities and risks

Risk Management Approach

Corporate governance is the way an organization is controlled to achieve its objectives. Control offers reliability within a tolerable degree of certainty. It is the ‘glue’ that holds an organization together, while risk management provides resilience.

A risk management system depends on management commitment and allocation of resources during design, implementation, maintenance and monitoring the process at all levels.

Resources include assignment of competent people, accurate forecasting and spending, quality material, adequate and sufficient equipment, appropriate and efficient methods, marketing the management system inside and outside the organization.

Management must set the tone for honest communication and reporting at all levels, to ensure reliable data, information, appropriate decisions, accountability and responsibility.

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