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What Is ISO 31000?

What Is ISO 31000? thumbnail
ISO 31000 helps companies manage risks.

In 2009 the International Organization of Standards introduced ISO 31000, a set of guidelines designed to help mitigate and minimize risks in business applications. The system is designed to help companies manage risks and their impact. Unlike most ISO standard systems, ISO 31000 is intended as a guide only and offers no certification.

  1. Identification

    • The new standard has a strict set of guidelines for identifying risks associated with any business decision and is predicated on the business model applied. Each risk is scored according to the expected outcome. By identifying these risks, management can make informed decisions based on probable results.

    Decisions

    • Once risks have been identified, management is required to proactively engage in the decision-making process. The ultimate goal is an enhanced level of risk mitigation based on predictable outcomes. This serves to strengthen a company's position in the marketplace.

    Review

    • The new system has in place a methodology for reviewing risks after an action is taken. This review serves to identify missed opportunities and future challenges for the company. It is intended to help further narrow the scope of possible risks and promote continuous improvement across all levels of the organization.

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