The Swiss-based International Organization for Standardization is the world’s largest developer of voluntary international standards. Organizations around the world sought to achieve the ISO Standards since it provides businesses strategic tools.
ISO ensures that products and services are safe, reliable and of good quality. As strategic tools, these standards allow organizations to reduce costs by minimizing waste and errors, and increase productivity. They help companies to access new markets, level the playing field for developing countries and facilitate free and fair global trade.
Products, services and systems with ISO are given worldclass specifications and ensured of quality, safety and efficiency. They are instrumental in facilitating international trade.
ISO has published more than 19 500 International Standards covering almost every industry, from technology, to food safety, to agriculture and healthcare. ISO International Standards impact everyone, everywhere.
ISO 31000 – Risk Management
Risks affecting organizations can have consequences in terms of economic performance and professional reputation, as well as environmental, safety and societal outcomes. Therefore, managing risk effectively helps organizations to perform well in an environment full of uncertainty.
ISO 31000:2009, Risk management – Principles and guidelines, provides principles, framework and a process for managing risk. It can be used by any organization regardless of its size, activity or sector. Using ISO 31000 can help organizations increase the likelihood of achieving objectives, improve the identification of opportunities and threats and effectively allocate and use resources for risk treatment.
However, ISO 31000 cannot be used for certification purposes, but does provide guidance for internal or external audit programmes. Organizations using it can compare their risk management practices with an internationally recognised benchmark, providing sound principles for effective management and corporate governance.
A number of other standards also relate to risk management.
- ISO Guide 73:2009, Risk management – Vocabulary complements ISO 31000 by providing a collection of terms and definitions relating to the management of risk.
- ISO/IEC 31010:2009, Risk management – Risk assessment techniques focuses on risk assessment. Risk assessment helps decision makers understand the risks that could affect the achievement of objectives as well as the adequacy of the controls already in place. ISO/IEC 31010:2009 focuses on risk assessment concepts, processes and the selection of risk assessment techniques.
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