Organizations of all types and sizes are facing a level of risk that can affect the achievement of their objectives. Although all organizations manage risk to some degree, ISO 31000 sets out the principles necessary to make risk management effective. This standard advises organizations to develop, implement and continuously improve a framework of reference, whose purpose is to integrate the process for risk management in the processes of the organization.
ISO 31000 can be implemented by any public or private business, association or group. Therefore, it is not specific to any industry or sector.
This standard can be applied to any type of risk, regardless of its nature, whether it has positive or negative consequences.
When risk management is implemented and maintained in accordance with this standard, it enables the organization to do the following, i.e.:
- Increase the likelihood of achieving the objectives.
- Be aware of the need to identify and handle risks throughout the organization.
- Comply with the relevant legal and regulatory requirements and international standards.
- Have reliable information for decision-making and planning.
- Improve controls.
- Effectively assign and use resources for risk management.
- Increase performance as for health and safety issues, as well as enforcing environmental protection.
- Improve loss prevention and incident management.
- Minimize losses.
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