ISO 31000 Risk Management: a Digital Approach

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What is ISO 31000 and Who is it for?

ISO 31000 is the international standard for risk management. It provides detailed guidelines on how to plan, implement and measure an effective risk management system. This standard helps organizations perform more systematic risk assessments in order to balance economic gain over uncertainty and losses.

The ISO 31000 standard can be adopted by organizations of any size and industry but is not used for certification purposes. It is used to help compare a businesses’ risk management practices with an international benchmark standard.

Adopting ISO 31000 Risk Management Standard

The latest ISO 31000:2018 Risk Management standard is depicted as a trinity of Principles, Framework, and Processes. These three components come together to ensure:

  • Principles - Sustaining a dynamic and continuously improving risk management system that is inclusive and considers different human and cultural factors;
  • Framework - Senior management leads the proactive integration of risk management on all levels of the organization; and
  • Processes - Open communication and reporting of risks that are continuously identified, analyzed, and evaluated

With ISO 31000:2018’s iterative process to risk management, there will be a need for an organization to continuously report, review, and consider the right action to treat risks. It would be near impossible to successfully implement and sustain the ISO 31000 risk management standard if an organization’s process is heavily dependent on paper-based communication and record keeping.

iAuditor as your Digital Risk Management Tool

Implementing the right software and technology is a critical component of any effective risk management system. An effective risk management tool should be intuitive for users to capture data in a timely manner and powerful enough to capture and analyze quality data.

iAuditor is the world’s #1 form building app which can transform your paper-based risk assessments into powerful mobile applications. Spend less time on paperwork and data-entry and more time identifying and fixing risks. You can get started by downloading from our free collection of customizable risk audit templates below:

4 Featured ISO 31000 Templates

1. ISO 31000:2018 Risk Management Checklist

You can use this ISO 31000 Risk Management readiness checklist for your business to find and correct gaps and help build a sound risk management system at par with ISO 31000:2018’s benchmark. This checklist was converted using iAuditor and it focuses on building the framework of risk management as guided by ISO 31000:2018. Answer each item with “Done,” “To Do,” or “Not Applicable” and you can include your notes as appropriate for each item. Scoring helps determine the stage of readiness and the failed items can help highlight gaps and urge appropriate action.

2. ISO 31000 - Risk Management Template

This Risk Management Plan Template can help identify the risks and the impact on a project. Assess the likelihood, seriousness, and grade of the risk. Define mitigation strategies and assign tasks to correct individuals. iAuditor automatically records reports that can be easily accessed on one online platform for review. You can customize iAuditor templates, its response sets, and set the scoring to observe trends and see how risks are performing over time.

3. ISO 31000 - Risk Assessment Template

This risk assessment template allows the ability to add multiple risks found in one assessment. Identify hazard/s involved, select the severity, likelihood and risk rating. Choose the appropriate control measure from the hierarchy of controls and include comments plus photos as supporting evidence. You can conveniently share assessment results with a touch of a button on your mobile device.

4. ISO 31000 - Hazard Identification Template

Use this hazard identification checklist to assess risks such as noise, manual handling, excavation, etc., at the worksite. Photos can be used as evidence of hazards found. Assign urgent tasks to immediately resolve urgent risks. Enter comments and your providing the overall rating before completing the assessment. Analyze data via the iAuditor platform to consider risks present.

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  2. Download a template above and modify it for your workplace or browse other checklist topics
  3. Install the iAuditor app on your mobile or tablet and perform an inspection
  4. Take photos, create actions and generate reports on your device
  5. Invite your teammates. Save time, save lives
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