ISO 31000 – Risk Management
PROTECT YOUR COMPANY, MANAGE RISKS
- Manage Unexpected Risks to Ensure your Company’s Continued Growth
- Manage Business Opportunities in a Strategic, Calculated Manner
- Ensure your Trustworthiness by Adopting Respected International Standards
ISO 31000 OVERVIEW
ISO 31000 is an international standard which specifies requirements for risk management systems. Defining risk as the “effect of uncertainty on objectives”, the ISO 31000 standard provides a measure of reassurance in terms of economic success, professional reputation and environmental and safety outcomes. Regardless of whether your business is big or small, gaining and maintaining ISO 31000 certification shows that your organization takes a proactive approach to risk management. Using a holistic approach, this standard provides a comprehensive framework for managing risks and identifying opportunities for improvement
ISO 31000 OVERVIEW
ISO 31000 is an international standard which specifies requirements for risk management systems. Defining risk as the “effect of uncertainty on objectives”, the ISO 31000 standard provides a measure of reassurance in terms of economic success, professional reputation and environmental and safety outcomes. Regardless of whether your business is big or small, gaining and maintaining ISO 31000 certification shows that your organization takes a proactive approach to risk management. Using a holistic approach, this standard provides a comprehensive framework for managing risks and identifying opportunities for improvement
What are the benefits of achieving ISO 310000?
Whilst risk management is crucial for minimizing unnecessary risks, you’ll find that the benefits also extend to the running of the organization itself. As ISO 31000 is designed to help businesses run more smoothly and efficiently, whilst fostering a positive and risk-free working environment, there are a several benefits that this standard can bring to your organisation:
Increased Organizational Resilience
Through ISO 310000, your organization becomes well-equipped to handle uncertainties and adapt quickly to changing market conditions.
Better Decision-Making
Learning how to manage risks helps you make informed, data-driven decisions by identifying and assessing potential risks effectively.
Enhanced Credentials
Holding an ISO 31000 certificate shows stakeholders, clients, and investors that you prioritize risk management and business continuity.
What Topics Does ISO 31000 cover?
The ISO 31000:2018 Risk Management standard was published in 2018 and remains the most recent and up-to-date version. Using a high-level system that allows it to be easily implemented alongside other ISO management systems, the 2018 publication follows the same ‘Plan-Do-Check-Act’ model which defines all of the revised ISO standards. The following shows a brief overview of the topics this standard covers:
- A definition of key terms, including risk, risk management, stakeholders, risk sources, events, consequences, probability and control.
- Contextualise the organisation’s risk management system and define its overarching scope.
- Establishing risk management leadership and worker roles.
- Planning to identify unexpected risks, and opportunities for improvement.
- Offer support through suitable communication and documentation, as well as competence and awareness.
- Operational planning which involves operational control and emergency preparedness and response.
- Performance evaluation.
- Opportunities for corrective action.
Reap Results by Achieving Certification
Although achieving ISO 31000 accreditation is not a legal requirement, owning this certification says a lot about what type of business you are running. Adhering to this standard boasts inherent benefits but it also sends the right message to you clients, investors and competitors. In a nutshell, getting ISO 31000 certification proves that your organisation:
- Effectively manages opportunities that fit within its overall risk tolerance.
- Is compliant with statutes and requirements.
- Understands the business related benefits of hazard and risk management.
- Is an industry leader which operates at a level of excellence by implementing the most up-to-date risk management standard.
Work with An Expert
For some companies, it might be tempting to read the standard and attempt to implement these processes without receiving any expert guidance. However, this is typically not enough to implement an efficient, long-term management system. A literal interpretation of this standard may easily create an overly bureaucratic management system, yielding the opposite results of what could otherwise be achieved. Instead of a structured system based on the smart analysis of data, you could easily end up with an overly complicated and inefficient system.
Instead, hiring an expert consultancy with years of experience is the best way to effectively meet your ISO standards. Make sure to choose an expert you trust, to provide you with a grounded approach that will simplify your life, rather than over-complicate it.
GET YOUR JOURNEY TO ISO CERTIFICATION FULLY FUNDED
As a Malta Enterprise approved advisor, Luke can help his clients reap the full benefits of currently available funding. Applicable to any business based in Malta, the Government of Malta’s current funding schemes have never been better. The precise amount depending on your company’s size and ownership structure.
For more information, simply get in touch for a free consultation session! Luke will help you to make the most of the best available funding incentives applicable to your business.
Frequently Asked Questions
WHY IS ISO 31000 IMPORTANT?
How long will my ISO 31000 certification last?
Your ISO 31000 certification will need to be renewed after a period of three years. To maintain your certification, an assessment must be conducted once a year and re-certification is issued every three years to ensure that your management systems continue to operate within the ISO 31000 required standards.
Does ISO 31000 use a high-level structure?
Yes, like other ISO standards that are concerned with different types of management systems - including ISO 9001 and ISO 14001 - the ISO 31000 uses a high-level structure. This indicates that the ISO 31000 may be effortlessly integrated within any existing ISO management system.
How long does it take to implement ISO 31000?
The amount of time it takes your company to earn your certification all depends on the size and complexity of your business. Luke will help you to make this process as swift and efficient as possible for your convenience.
Does my organisation need to get ISO 31000 certified to improve our risk management systems?
Whilst organisations can attempt to optimise their risk management without certification, ISO 31000 provides a structured approach which is sustainable and internationally trusted.
Therefore, although it is not necessary, it is a recommended tried-and-tested means of achieving risk management.
What is the difference between ISO 31000 and ISO 45001?
Whilst ISO 45001 is solely focused on the health and safety of your employees, ISO 31000 helps companies to identify and resolve any types of risks to daily business life. Nevertheless, ISO 31000 Risk Management and ISO 45001 Occupational Health and Safety can complement each other to help create a happy and healthy working environment.