The new ISO 31000 keeps risk management simple

  • ISO 31000:2018 provides more strategic guidance than ISO 31000:2009.
  • It places more emphasis on both the involvement of senior management and the integration of risk management into the organisation.
  • Its overarching goal is to develop a risk management culture where employees and stakeholders are aware of the importance of monitoring and managing risk.

Open booklets and pen resting on laptop

Damage to reputation or brand, cyber-crime, political risk and terrorism are some of the risks that private and public organisations of all types and sizes around the world must face with increasing frequency. The latest version of ISO 31000 has been unveiled to help manage the uncertainty.

Why was it revised?

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 published in 2018 to take into account the evolution of the market and new challenges faced by business and organisations 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 organisation on an international scale.

This article is exclusive to Governance Institute members and subscribers.

To read the full article…

or Become a member