ISO 31000:2018 STANDARD AND BENEFITS
What is ISO 31000:2018 standard all about?
ISO 31000:2018 is an international Risk Management Guideline developed and maintained by the International Organisation for Standardization (ISO). This guideline provides requirements for an organisation to implement a Risk Management Strategy.
A Risk Management Strategy is a set of policies, processes and procedures focused to effectively identify and mitigate risks, thereby enhancing the likelihood of achieving their objectives and increasing the protection of assets. The requirements specified in the Standard provides direction on how a company can integrate risk-based decision making into an organisation’s governance, planning, management, reporting, policies, values and culture. It is an open, principles-based system, meaning it enables organizations to apply the principles in the standard to the organisational context.
What are the benefits of implementing ISO 31000:2018?
Important benefits of implementing ISO 31000:2018 standard:
Enhanced ability to achieve strategic objectives and increase the protection of assets,
Informed and effective decision making in the allocation of resources,
Proactively identification and response to internal and external risks in the industry an organisation operates,
Effective coordination of regulatory and compliance matters,
Develop a risk management culture where employees and stakeholders are aware of the importance of monitoring and managing risk,
Discover both positive opportunities and negative consequences associated with strategic risks,
Improving an organization’s governance and performance by having better structure, reporting, and analysis of risks.
