ISO 31000:2018 is an international standard that provides guidelines and principles for implementing effective risk management practices within organisations.
The standard is designed to help organisations manage risks systematically, transparently, and consistently, enhancing their ability to achieve objectives and improve decision-making.
Key Components of ISO 31000:2018
- Principles of Risk Management:
- Integration: Risk management should be integrated into all organisational processes, including governance, planning, and decision-making.
- Structured and Comprehensive: The risk management process should be structured, systematic, and comprehensive, ensuring consistency and continuity.
- Inclusive: Engaging stakeholders and ensuring their input and perspectives are considered enhances the effectiveness of risk management.
- Dynamic: The risk management process should be adaptable to changes in the internal and external environment.
- Risk Management Framework:
- Leadership and Commitment: Top management should demonstrate leadership and commitment to risk management, establishing a culture of accountability and transparency.
- Integration into organisational Processes: The risk management framework should be integrated into the organisation’s governance structure and decision-making processes.
- Resource Allocation: Adequate resources should be allocated to implement and maintain the risk management framework effectively.
- Monitoring and Review: Continuous monitoring and review of the risk management framework ensure its relevance and effectiveness.
- Risk Management Process:
- Risk Identification: Identify and understand the risks that could impact the organisation’s objectives and performance.
- Risk Assessment: Analyse and evaluate risks to determine their likelihood and potential impact, prioritising them for action.
- Risk Treatment: Develop strategies and action plans to mitigate or eliminate risks, transferring or accepting risks as appropriate.
- Monitoring and Review: Regularly monitor and review the effectiveness of risk management strategies, making adjustments as necessary.
- Communication and Consultation: Ensure effective communication and consultation with stakeholders throughout the risk management process.
TotalCert Consulting’s Services forISO 31000:
Gap Assessment
- Initial Review: Conduct a thorough assessment of existing risk management practices against ISO 31000 requirements to identify gaps and areas for improvement.
Implementation Support
- Framework Development: Assist in developing a risk management framework tailored to your organisation’s context, ensuring alignment with ISO 31000 principles.
- Policy and Procedure Development: Help create and implement risk management policies and procedures that support effective risk identification, assessment, and treatment.
Risk Assessment Workshops
- Facilitation: Facilitate workshops to identify and assess risks with stakeholder input, ensuring a comprehensive understanding of potential threats and opportunities.
Training and Awareness
- Risk Management Training: Provide training programs on risk management principles, ISO 31000 requirements, and best practices for staff at all levels.
- Awareness Campaigns: Develop awareness initiatives to promote a risk-aware culture within the organisation.
Monitoring and Review
- Performance Evaluation: Assist organisations in establishing metrics and processes for monitoring the effectiveness of risk management strategies and frameworks.
- Continuous Improvement: Support ongoing improvements to the risk management process based on feedback and changing organisational needs.
External Audit Facilitation
- Audit Coordination: Assist organisations in coordinating external audits of their risk management processes to assess compliance with ISO 31000.
Certification Support
- Verification and Issuance: Facilitate the verification and issuance of certification through accredited bodies Recognised under the IAF, ensuring adherence to ISO 31000 standards.
Project Timeline
The timeline for implementing ISO 31000 can vary based on the complexity of the organisation and existing risk management practices but typically ranges from three to five months. This includes conducting a gap assessment, developing the risk management framework, training staff, and preparing for certification.
Why Choose TotalCert Consulting ISO 29001:2020?
Expertise in Risk Management
Our consultants have extensive experience in developing and implementing risk management frameworks tailored to diverse organisational needs.
Customised Solutions
We tailor our approach to align with your organisation’s unique context, ensuring relevant and effective risk management strategies.
Collaboration with Experienced Auditors
Partnering with Recognised auditors, we ensure high-quality support throughout the certification process.
Ongoing Support
We provide continuous support beyond certification, helping organisations maintain and improve their risk management processes over time.