ISO 31000 is intended to be a family of standards relating to risk
management codified by the International Organization for
Standardization.
The purpose of ISO 31000:2018 is to provide principles
and generic guidelines on risk management. ISO 31000 seeks to provide a
universally recognized paradigm for practitioners and companies
employing risk management processes to replace the myriad of existing
standards, methodologies and paradigms that differed between industries,
subject matters and regions.
ISO 31000:2018, Risk management – Principles and
guidelines,
provides principles, framework and a process for managing risk. It can be used by any organization regardless
of its size, activity or sector. 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 program. Organizations using it can compare
their risk management practices with an internationally recognized benchmark, providing sound principles
for effective management and corporate governance.ISO 31000:2018 provides generic guidelines for the design,
implementation and maintenance of risk management processes throughout
an organization. This approach to formalizing risk management practices
will facilitate broader adoption by companies who require an enterprise risk management standard that accommodates multiple ‘silo-centric’ management systems.
The scope of this approach to risk management is to enable all
strategic, management and operational tasks of an organization
throughout projects, functions, and processes to be aligned to a common
set of risk management objectives.
Accordingly, ISO 31000:2018 is intended for a broad stakeholder group including:
- executive level stakeholders
- appointment holders in the enterprise risk management group
- risk analysts and management officers
- line managers and project managers
- compliance and internal auditors
- independent practitioners.
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