The ISO 31000 risk management system is a framework designed to help organisations build a systematic approach to the management of its risk. Developed by the International Organization for Standardization or ISO and first published in 2009, it was created in order to help develop standard ways for organisations to perform specific business risk management processes. By establishing a set of recognisable guidelines or frameworks for any business to follow, the ISO management standards give organisations a much better chance of being successful.
ISO has developed standards for many different management systems covering lots of industry sectors; size, type and structure of organisation. One important thing to note however is that the standards they have developed have been intentionally created to be as generic as possible, this way they can be applied as an overriding framework across a wider cross-section of businesses and sectors.
This article discusses one specific ISO standard called ISO 31000 – Risk Management System and how organisations can benefit from using this framework.
What is ISO 31000?
ISO 31000 is a management standard that was developed as a set of generic guidelines and frameworks that show an organisation how to implement a systematic approach to risk management. The ISO 31000 standard was created in a way that allows it to be implemented in conjunction with other ISO standards and an organisations existing risk management plan.
This ISO standard was intentionally designed to be as generic as possible. It can easily be adapted to any public or private organisation, or business large or small that is looking for ways to make changes to improve its management of risk.
The ISO 31000 family
The ISO 31000 family consists of a number of standards as follows:
ISO 31000:2009
Principles and Guidelines covering implementation
ISO/IEC 31010:2009
Risk Management – Risk Assessment Techniques
ISO Guide 73:2009
Risk Management vocabulary
ISO 31000:2009
This ISO risk management standard was designed to be used by a wide range of stakeholders within any organisation including the following:
- Members of the executive level
- Members of the company risk management team
- Appointed risk analysts and management officers
- Any middle management and project managers
- Internal auditors for compliance purposes
- Independent practitioners
Who would benefit from the ISO 31000 standard?
The good thing about how the standard was originally developed is that it was created in a way that makes it possible for it to be tailored to fit with any business type, industry sector, public or private organisation that might be interested in taking advantage of what it has to offer. So any size business, large or small would get the same risk management benefits no matter what industry they operate in.
World-class risk management frameworks
Quality Management Systems deliver world-class risk management frameworks, auditing, training and software solutions to organisations wishing to enhance their management or risk, and achieve ISO 31000 certification quickly and efficiently.
If you would like to learn more about our risk management systems, and how we can help you develop world-class processes please get in touch today.
Further reading…
More information about the ISO 31000 … here →