Brief Introduction on ISO 31000 Risk Management

For managing risk is to utilize standards for risk management, there is one such strategy is here like ISO 31000. And this is a better approach for any organizations of all shapes and sizes. It is essential for managing risk effectively to ensure businesses succeed and thrive in an environment of constant uncertainty.

Basically, The ISO 31000 standard is for risk management. Which is published in 2009, and now there is available its most current version 2018, a set of guidelines intended to streamline risk management for organizations that’s what it describes.

A new single ISO 31000:2018 standard is in a larger family of risk management standards, generally referred to as ISO 31000. To provide the best practice structure and guidance to all operations seeking to use the principles of risk management, The ISO 31000 - risk management standards are all designed to be used broadly, across various industries.

Mainly The standard of ISO 31000 provides guidelines on how to organize risk management in organizations and can be used for any type of risks including business continuity, market, currency, credit, operational, and others. The ISO 31000 standard provides a detailed glossary of risk management terms, explains basic principles of risk management, and provides a general framework including a PDCA cycle (Plan/Do/Check/Act) for risk management.

The ISO 31000 standard’s biggest value is in providing a framework for managing all kinds of risks on a company-wide level which can help you to turn risk management from some obscure, hard-to-understand issue into a mindset that is easily understood by everyone in the organization. This standard of ISO 31000 to be an excellent framework for Enterprise Risk Management.

ISO 31000 principles

Here are some key principles of ISO 31000:

Risk Management builds and protects value, explicitly addresses uncertainty, takes into account the human and cultural aspects, as well as the ongoing resources for organizational development.

Risk Management is an integral part of all organizational processes: part of decision making; organized, and timely; based on the best available information; oriented to internal and external context and risk profile; transparency and inclusiveness; and it's powerful, exciting, and responsive to change.

While in ISO 9001 there is no need for a formal risk management approach, or a documented risk management process, ISO 27001 refers to ISO 31000 and ISO 27005 as standards that can be used as an aid in building a risk management process.

After learning Punyam Academy’s ISO 31000 Risk Management Training e-learning course, you will be able to:

Punyam Academy also provides such kind of ISO 31000 Auditor Training which contains a set of principles, a Risk Management framework and process that help organizations to develop, implement and continuously improve a framework.

User will familiarize with Risk Management requirements in detail.

To understand the Guidelines for Risk Assessment requirements.

To understand documentation and list of procedures to be maintained, and to check them as an internal auditor.

To get the knowledge of internal auditing and use of audit checklist as per Risk Management System.

To know about the types of auditing and questioning techniques.

User will familiarize you with principles & implementation of Risk assessment programs in detail.

To get the ready-to-use audit checklists to perform an effective audit.