ISO 31000-2018 provides direction on how companies can integrate risk-based decision making into an organization’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 organizational context.
ISO 31000-2018 is applicable to all organizations, regardless of type, size, activities and location, and covers all types of risk. It was developed by a range of stakeholders and is intended for use by anyone who manages risks, not just professional risk managers.
ISO 31000-2018 helps organizations develop a risk management strategy to effectively identify and mitigate risks thereby enhancing the likelihood of achieving their goals and objectives. Its goal is to develop a risk management culture where employees and stakeholders are aware of the importance of monitoring and managing risk. It also helps organizations see both the positive opportunities and negative consequences associated with risk, and allows for more informed, and thus more effective, decision making.
Benefits of ISO 31000 – 2018 certification:
Certified ISO 31000-2018 enables your organization to:
- Enhance its competitive advantage – enhanced risk management will support achieving goals and objectives
- Reduce and control costs through proper risk management
- Have effective solution to changes and find viable solutions
- Help in increase the likelihood of achieving objectives
- Identify opportunities; threats, weaknesses and strengths
- Gain stakeholder confidence and trust
- Consider a consistent basis for decision making and planning