ISO 31000:2018 Risk Management is an international standard that helps organizations with risk analysis and risk assessments by specifying comprehensive principles and guidelines. It is applicable to most business activities, no matter how small or big the organization is. The main advantage of complying with the ISO 31000:2018 standard is improving the management techniques by providing a common approach to manage any type of risk, and ensuring safety and security in the workplace. As an organization, by complying with the ISO 31000:2018 requirements you can increase your operational efficiency, governance, and stakeholder confidence while minimizing losses.
Risk management ensures that an organization is aware of and understands the risks it confronts. Risk analysis can help you predict problems, and by incorporating risk analysis into important business processes, one can commit to activities that either prevent or respond to predicted problems.
The objective of the ISO 31000:2018 Risk Management is to identify, analyze, quantify and manage information (security-related) risks to achieve business objectives through a number of tasks. Risk management is a process aimed at achieving an optimal balance between realizing opportunities for gain and minimizing vulnerabilities and loss. This is usually accomplished by ensuring that the impact of threats exploiting vulnerabilities is within acceptable limits at an acceptable cost. Therefore, ISO 31000:2018 can effectively assist organizations in performing well in an uncertain environment.
The benefits of ISO 31000:2018:
- Focus on objectives
- Lower costs
- Risk-aware culture
- Enhanced reputation
- Turning risk into opportunity
- Excellent scalability
- Aligns well with other standards
