In a world of constant change, organisations are faced with the challenge of identifying, assessing and managing risks in order to successfully achieve their goals. This is where ISO 31000 comes in - an internationally recognised standard that focuses on risk management. This standard provides a framework to help organisations develop and implement effective risk management practices to deal with uncertainty and take advantage of opportunities.
WHAT IS ISO 31000?
ISO 31000 is a standard developed by the International Organisation for Standardisation (ISO) that focuses on risk management in organisations. It was first published in 2009 and provides a general framework for risk management that can be applied by organisations of all sizes and industries.
WHY IS RISK MANAGEMENT IMPORTANT?
Risk management is critical to the success of an organisation for several reasons:
- Protecting shareholder value: effective risk management helps to minimise potential losses and protect the value of the organisation in the long term.
- Improve decision making: By identifying and assessing risks, organisations can make more informed decisions and deploy their resources more effectively.
- Exploiting opportunities: Risk management enables organisations to identify and exploit opportunities to drive growth and innovation.
- Regulatory compliance: In many industries, organisations are required by law to identify and manage risks to ensure regulatory compliance.
THE BASIC PRINCIPLES OF ISO 31000
ISO 31000 is based on a set of fundamental principles that serve as a guide for effective risk management:
- Integration of risk management into the organisation: risk management should be an integral part of corporate governance and culture and should be integrated into all aspects of the organisation.
- Customised approaches: Risk management approaches should be tailored to the specific needs and objectives of the organisation and adapt to its context.
- Inclusive participation: A broad range of stakeholders should be involved in the risk management process to take into account different perspectives and improve the effectiveness of risk management.
- Continuous improvement: Risk management is an iterative process that should be continuously monitored, evaluated and improved to ensure that it keeps pace with the changing conditions and requirements of the organisation.
THE IMPLEMENTATION OF ISO 31000
The implementation of ISO 31000 requires a systematic approach to risk management. This includes the following steps:
- Establish risk context: organisations should understand their risk context, including their objectives, stakeholders and external environment.
- Identify risks: Potential risks should be identified by analysing internal and external factors that could affect the achievement of organisational objectives.
- Assess risks: Identified risks should be assessed to determine their impact and likelihood of occurrence.
- Address risks: Based on the assessment, appropriate measures should be taken to reduce, avoid, transfer or accept risks.
- Monitor and review: The risk management process should be continuously monitored and evaluated to ensure that it is effective and meets the changing needs of the organisation.
PeRoBa Quality Management from Munich - Individual quality management and ISO 31000 consulting
Consulting, implementation, audits and QM tools from a single source
PeRoBa GmbH Munich is a service provider with many years of experience in quality management, especially in automotive and
mechanical engineering. We help with all important standards (ISO 9001, ISO 31000, VDA6.3, IATF 16949,...) on the way to certification or
re-certification. We also work closely with universities and research institutes. Managing Director Dr. Scherb teaches as a lecturer,
for example, at the Hamburger Fern-Hochschule, the FOM in Munich and is also a speaker at the TÜV-Süd Akademie, the Bildungswerk der
Bayerischen Wirtschaft and many other institutions.
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