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ISO 31001 Risk Management

ISO 31001 Risk Management
ISO 31001 Risk Management
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ISO 31000 is a family of standards relating to risk management codified by the International Organization for Standardization. The purpose of ISO 31000:2018 is to provide principles and generic guidelines on risk management. ISO 31000 seeks to provide a universally recognised paradigm for practitioners and companies employing risk management processes to replace the myriad of existing standards, methodologies and paradigms that differed between industries, subject matters and regions.

Currently[when?], the ISO 31000 family is expected to include:

  • ISO 31000:2018 – Principles and Guidelines on Implementation[1]
  • ISO/IEC 31010:2009 – Risk Management – Risk Assessment Techniques
  • ISO Guide 73:2009 – Risk Management – Vocabulary

ISO also designed its ISO ISO 31000 was published as a standard on 13 November 2009, and provides a standard on the implementation of risk management. A revised and harmonised ISO/IEC Guide 73 was published at the same time. The purpose of ISO 31000:2009 is to be applicable and adaptable for "any public, private or community enterprise, association, group or individual."[3]Accordingly, the general scope of ISO 31000 – as a family of risk management standards – is not developed for a particular industry group, management system or subject matter field in mind, rather to provide best practice structure and guidance to all operations concerned with risk management. It began the process for its first revision on May 13, 2015.[4] A draft International standard (DIS), which was open for public comment, was published on February 17, 2017.[5]

An update to ISO 31000 was added in early 2018. The update is different in that "ISO 31000:2018 provides more strategic guidance than ISO 31000:2009 and places more emphasis on both the involvement of senior management and the integration of risk management into the organization."[6]21500 Guidance on Project Management standard to align with ISO 31000:2018.[2]

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