ISO 31000 : 2018 – Last Release of International Risk Management Guideline
Risk is a necessary part of doing business, and in a world where enormous amounts of data are being processed at increasingly rapid rates, identifying and mitigating risks is a challenge for any company. It is no wonder then that many contracts and insurance agreements require solid evidence of good risk management practice. ISO 31000 is the international recognized guideline provides direction on how companies can integrate risk-based decision making into an organization’s governance, planning, management, reporting, policies, values and culture. It is an open, principles-based system, meaning it enables organizations to apply the principles in the standard to the organizational context.
ISO 31000 is applicable to all organizations, regardless of type, size, activities and location, and covers all types of risk. It was developed by a range of stakeholders and is intended for use by anyone who manages risks, not just professional risk managers. All ISO standards are reviewed every five years and then revised if needed. This helps ensure they remain relevant, useful tools for the marketplace. A revised version of ISO 31000 was already published in 2018 to take into account the evolution of the market and new challenges faced by business and organizations since the standard was first released in 2009. One example of this is the increased complexity of economic systems and emerging risk factors such as digital currency, both of which can present new and different types of risks to an organization on an international scale.