ISO 31000 (Risk Management)
ISO 31000:2018 provides guidelines on managing risk faced by organizations. The application of these guidelines can be customized to any organization and its context.
ISO 31000:2018 provides a common approach to managing any type of risk and is not industry or sector specific. ISO 31000:2018 can be used throughout the life of the organization and can be applied to any activity, including decision-making at all levels.
Opportunities carry both risks and chances. They are essential for a business to grow. However, a solid back-up plan has to be in place for every opportunity that surfaces. The right strategy has to be in place for every situation. External factors like market changes are considerably overestimated and in contrast internal risks are marginalized. The ISO 31000 certifications is associated with Risk Management which can complement existing management systems such as the ISO 9001 / ISO 27001
Risks are usually undetected or estimated wrongly. This results in inaccurate allocation of priorities, unclear and undefined responsibilities, and a slowdown in the communication process. In a worst case scenario, a lack of risk consciousness can endanger the future of the entire company.