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: