New international guidance on how to get it right.
As pandemics, natural disasters and cybercrime continue to impact our world, what’s certain is that nothing is certain. Being agile and prepared for any kind of disruption, therefore, is an essential business activity. ISO’s flagship standard for risk management, ISO 31000, is the world’s “go to” standard to support this, and a new handbook has just been published to help users fully optimize its value.
ISO 31000:2018 – Risk management – A practical guide, assists organizations on how to integrate an effective decision-making framework into their governance, leadership and culture through the optimal use of ISO 31000.
Risks can include anything that generates uncertainty related to an organization’s objectives or creates a deviation from the expected. This involves not only threats to the strength or viability of the organization, but also opportunities to be gained. Reputation, political changes and climate change impacts are examples of what needs to be considered when managing risk effectively.
The standard itself explains the fundamental concepts and principles of risk management, while describing a framework and outlining processes for identifying and managing risk. This new guide, however, takes it all one step further. It provides expanded information and context to the clauses in ISO 31000, including guidance on developing a plan for integrating risk into an organization’s existing arrangements, communicating with stakeholders, monitoring and reviewing the risk management plan, and much more.
ISO 31000:2018 – Risk management – A practical guide was developed in collaboration with UNIDO (United Nations Industrial Development Organization).
Disclaimer: PECB has obtained permission to publish the articles written by ISO.