ISO 31000: Risk management

ISO 31000 certification signifies that an organisation has implemented a risk management system that meets international standards. It demonstrates a commitment to managing risk to maximise business effectiveness and performance.

ISO 31000 outlines requirements for establishing, implementing and maintaining a risk management system designed to help organisations manage risk in a structured way.

The cost of ISO 31000 certification varies depending on factors such as the size of the organisation, the complexity of operations and the certification body. We can get you a quote so you can start budgeting.

ISO 31000 is applied to establish policies, procedures and systems for risk management. Prevent missing risks that could severely impact your business or prevent risks that have been inadequately managed.  

Risk is defined as the effect of uncertainty on objectives. Risk management is a coordinated activity to direct and control an organisation regarding risk. It aims to remove or manage that uncertainty.

The purpose of risk management is the creation and protection of value. It improves performance, encourages innovation and supports the achievement of objectives.

Risk management systems can be corporate-driven or distributed. It is up to you to build the structure that works for you. The standard is entirely flexible. ‘Architect globally but implement locally’ is a common approach to managing a global risk programme.

The principles of ISO 31000 provide guidance on the characteristics of effective and efficient risk management, communicating its value and explaining its intention and purpose. The principles are the foundation for managing risk and should be considered when establishing the organisation’s risk management framework and processes.

ISO 31000 is not mandatory but is highly recommended for organisations seeking to establish a robust risk management framework. It's a globally recognised set of guidelines that enhances reputation and builds trust.

Top management and oversight bodies, where applicable, should demonstrate and articulate their continual commitment to risk management through a policy, a statement or other forms that clearly convey an organisation’s objectives and commitment to risk management.

The key benefit is understanding risk and being able to proactively treat risk with an iterative process of formulating and selecting risk treatment options.

Absolutely! ISO 31000 is suitable for organisations of any size. Small businesses can equally benefit from enhanced reputation, compliance and trust from stakeholders by adopting these guidelines.

Yes, ISO 31000 is a global standard for risk management systems and is recognised and respected worldwide. It helps organisations align with international best practices in managing risk.

Choose a certification body with experience in ISO 31000. Evaluate their credentials and the expertise of their lead auditors very carefully.

ISO 31000 certification is maintained through continual improvement, regular internal audits and periodic surveillance audits by the certification body to ensure ongoing compliance with the guidelines.

The timeframe for ISO 31000 certification varies depending on the size and complexity of the organisation, but it typically takes one or two months from the initial steps to the final certification.

Without a risk management system, organisations are more vulnerable to not hearing about risks until it is too late. It is far more economical to hear about issues early and be able to treat them before major issues arise.

Implementing ISO 31000 involves top management, legal, finance, the board and all senior employees to ensure a comprehensive approach.