ISO 31000:2009
ISO 31000:2009 Certification
Risk management is the process of identifying, assessing, and controlling threats to an organization's capital and earnings. These threats, or risks, could stem from a wide variety of sources, including financial uncertainty, legal liabilities, strategic management errors, accidents, and natural disasters. Risk management plan increasingly includes companie's processes for identifying and controlling threats to their digital assets, including proprietary corporate data, a customer's personally identifiable information, and intellectual property. Every business and organization faces the risk of unexpected, harmful events that can cost the company money or cause it to permanently close. Risk management allows organizations to attempt to prepare for the unexpected by minimizing risks and extra costs before they happen.
By implementing a risk management plan and considering the various potential risks or events before they occur, an organization can save money and protect its future. This is because a robust risk management plan will help a company establish procedures to avoid potential threats, minimize their impact should they occur, and cope with the results. This ability to understand and control risk enables organizations to be more confident in their business decisions. Furthermore, strong corporate governance principles that focus specifically on risk management can help a company reach its goals.
Benefits of risk management
• Creates a safe and secure work environment for all staff and customers.
• Increases the stability of business operations while also decreasing legal liability.
• Protects from events that are detrimental to both the company and the environment.
• Protects all involved people and assets from potential harm.
• Helps establish the organization's insurance needs to save on unnecessary premiums.
Risk management can be applied to an entire organization, at its many areas and levels, at any time, as well as to specific functions, projects, and activities.
Although the practice of risk management has been developed over time and within many sectors to meet diverse needs, the adoption of consistent processes within a comprehensive framework can help to ensure that risk is managed effectively, efficiently, and coherently across an organization. The generic approach described in this International Standard provides the principles and guidelines for managing any form of risk in a systematic, transparent, and credible manner and within any scope and context.
ISO 31000:2009 Certification provides principles and generic guidelines on risk management. ISO 31000:2009 can be used by any public, private, or community enterprise, association, group, or individual. Therefore, ISO 31000:2009 Certification is not specific to any industry or sector. ISO 31000:2009 can be applied throughout the life of an organization and to a wide range of activities, including strategies and decisions, operations, processes, functions, projects, products, services, and assets. ISO 31000:2009 can be applied to any type of risk, whatever its nature, whether having positive or negative consequences. Although ISO 31000:2009 Certification provides generic guidelines, it is not intended to promote uniformity of risk management across organizations. The design of risk management plans and frameworks will need to take into account the varying needs of a specific organization, its particular objectives, context, structure, operations, processes, functions, projects, products, services, or assets, and specific practices employed.
It is intended that ISO 31000:2009 be utilized to harmonize risk management processes in existing and future standards. It provides a common approach in support of standards dealing with specific risks and sectors and does not replace those standards.
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