What is ISO 31000?
ISO 31000 is an international standard for Risk Management that provides a set of principles, a Risk Management framework, and a process, which helps organizations take a proactive approach to risks that they face.
ISO 31000 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. Risk is a necessary part of doing business, and in a world where enormous amounts of data are being processed at increasingly rapid rates, identifying and mitigating risks is a challenge for any company. It is no wonder then that many contracts and insurance agreements require solid evidence of good risk management practice.
Why ISO 31000 Risk Management is important for you?
ISO 31000 will guide you toward identifying potential risks that could endanger the achievement of crucial objectives; it will help you to determine which risks are essential to take in order to achieve primary objectives before they affect the business, while effectively keeping all other risks under control.
Furthermore, becoming ISO 31000 certified proves that you have undergone the proper professional training; further advancing your risk management and risk identification skills. Nonetheless, helping you to formulate and correctly implement strategies and solutions to improve and protect the needs of the organization. Attending our training courses will be beneficial for you because it makes you more marketable to employers, as nowadays professional certifications are crucial.
Benefits of ISO 31000 Risk Management
The implementation of ISO 31000 improves operational efficiency, governance, and stakeholder confidence in your organization while minimizing losses and enhancing risk analysis and risk assessment capacities. It helps integrate risk-based decision-making into the culture of your organization.
Moreover, the integration of the ISO 31000 framework within an organization ensures the consistency and the effectiveness of management across all its areas such as IT, HR, compliance, quality, health and safety, business continuity, etc.
It is important to mention that the ISO 31000 guidelines are applicable to any activity of an organization, and can be customized by any organization and its context.
ISO 31000 individuals involved in the risk management process of an organization will enable the organization to:
- Gain competitive advantage – enhanced risk management will support achieving goals and objectives
- Reduce costs through proper risk management
- Respond to change effectively and find viable solutions
- Create and protect value
- Increase the likelihood of achieving objectives
- Productively identify the opportunities and threats
- Identify and mitigate the risk throughout the organization
- Gain stakeholder confidence and trust
- Create a consistent basis for decision making and planning
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