ISO 31000 - Risk Management

What is ISO 31000?

ISO 31000 is an international standard that provides principles and guidelines for risk management. It provides a comprehensive approach that is applicable to all types of risks and circumstances, in relation to the all levels all fields of business.

Once certified, organisations can proudly promote themselves as certificate holders in any of their promotional materials and can include the URS certification logo free of charge.

Who requires an ISO 31000 certification?

Although ISO 31000 is not a required standard, any organisation that wants to implement and promote a comprehensive approach to managing risk would benefit from being certified for this standard. This standard will be particularly beneficial for sectors such as:

• Healthcare


• Finance


• Energy


• Project management firms

How can an ISO 31000 certification benefit your business?

Becoming certified for ISO 31000 can bring a wide range of benefits to your organisation, including:

• Enhancing decision making


• Increasing stakeholder confidence


• Improving resilience

How can you prepare for ISO 31000 Certification?

Although the thought of starting the certification process may seem daunting, there are a variety of steps you can take to make the process to becoming certified far more streamlined:

 

• Familiarise yourself with the ISO 31000 standard


• Carry out practice risk assessments whilst applying the framework provided in ISO 31000


• Provide training for all staff members to gain an understanding of the standard

What are the key requirements for ISO 31000?

When working towards becoming certified for ISO 31000, there are various areas that will be a focus during the audit. These areas include:

 

• Communication and engagement


• Risk analysis, evaluation, and treatment


• Monitoring and reviewing risk management activities

What clauses make up the structure of ISO 31000?

Clauses 1-3 – Introductory clauses:

The first three clauses of the ISO 31000 standard serve to introduce the scope and application of the guidance provided. To assist with this, clause 3 provides an extensive list of relevant terms and definitions that feature throughout the standard.

Clause 4 – Principles:

Clause 4 focuses on the principles of risk management and utilises figures to highlight ways an organisation can create and protect value for their business. These principles include integration, structure and inclusivity.

Clause 5 – Framework:

Clause 5 introduces the concept of risk management framework, and visualises how an organisation can use its implementation to evaluate and improve their risk management methods.

Clause 6 – Process:

In the final section of the standard, clause 6 covers how an organisation can use processes and procedures to support their methods of communication and consulting. Through these methods, organisations can ensure that all risks are correctly recognised, recorded and reported.

How long will your ISO 31000 certificate be valid for?

Your ISO 31000 certificate will be valid for at least three years; dependent on the type of site that is being certified.

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