ISO 31001 Risk Management
ISO 31001 Risk Management
ISO 31001 Risk Management Get Best Quote The ISO 31000 Series and ISO 31001 Risk Management Standards ISO 31001 Risk Management forms part of the ISO 31000 family of standards specifically aimed to manage risks more effectively. The aim of the ISO 31000:2009 is to give the principles and general framework for risk management. ISO 31000 and consequently also ISO 31001 has changed the way that risk is defined from the original ISO Guide 73 definition, which centred on the probability of loss, to the effect of uncertainties on goals and objectives. In this sense, risk does not only focus on negative potential, but also includes optimistic potential. The ISO 31000 family focuses on the organisation’s complete management system, in support of the development, implementation, monitoring, maintenance and improvement of processes to manage risk more effectively. The family of standards include, as mentioned, the guidelines on optimal implementation of risk management, the risk assessment techniques, and the vocabulary for risk management. The intent is to provide organisations with the necessary guidelines and assessment criteria to ensure the best alignment of the strategic, management and operational functions, with the general and common set of risk management goals. The family of standards is applicable within the organisation’s existing management system for the formalising and improvement of the current processes for managing risk. With such, comes the integration of the organisation’s current processes according to the new concept of how risk is defined. The aim of the standards is to ensure that accountability gaps in the organisational processes for risk management can be successfully addressed and that the governance framework objectives of the organisation can be aligned with the requirements of the family of standards. This also entails the usage of management reporting systems, and the creation of a common set of criteria and evaluation rules.
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