ISO 31000 is a set of operations carried out by organizations and companies to achieve their objectives, through which they can identify, manage, eliminate and assess risks in terms of the size of the impact.
As well as the subsequent risk management strategy and follow-up of the presented risks, and through these operations the organization protects its facilities and employees.
It is an integrated system that can internally control the organization, where the risk management system performs daily, weekly and monthly follow-up actions as part of the internal control activities. Follow-up is through review of analytical reports and management meetings with relevant experts.
Organizational risk management strategy:
According to the risk management system, there are several procedures to deal with hazards:
- Avoidance: eliminating any activity that may lead to danger.
- Mitigation: to reduce/correct activities that may lead to risks.
- Alternative procedures: decision-making and some actions that can lead to a reduction of risks.
- Transference - Insurance: Insurance against risk or hazards.
- Acceptance: means to take no action, to accept the existing danger.
Risks:
- Danger of exposure: This can cause damage to the company.
- Financial risk: These are financial risks related to money, such as pricing, currency liquidity and asset risk.
- Operational risks: Product failures, reputational risks, institutional risks, knowledge leakage risks, and internal activity risks.
- Strategic Risks: Strategy includes social trend and capital availability.
Benefits of having ISO 31000
Institutions that can manage risks effectively are most successful in protecting themselves and continuing to thrive. The risk management system is implemented in all private and public organizations and bodies, regardless of their size.
There are many benefits that include improving operational efficiency, defining the organization's risk management policy and improving the management system, while increasing the company's confidence and safety.
We can summarize aspects:
- Identification and control of risks.
- 11 The principle of risk.
- Providing a framework.
- Considering the context.
- Requires a mandate for governance and accountability.
- Continuous improvement.
- Integration with other ISO standards based on Annex SL.
How can we help?
ISCS uses a methodology for effective analysis and identification of your business needs, then develops a customized risk management system. We work closely with you throughout the process to develop the most effective ISO risk management system for your business. ISCS helps companies manage risk from the start. Our team has years of experience working on the subject.
Combined with our pragmatic approach to ISO standards, we can work with you to design and operate a risk management system that will meet your specific needs.
Contact us to learn more about the standard and the implementation process through our contact form..