What is ISO 31000:2018?
ISO 31000:2018 is an international risk management standard developed by ISO Technical Committee 262. It offers a structured and universal approach for identifying, analyzing, and managing risks across all business areas. It replaces ISO 31000:2009 and provides updated principles and practices that reflect modern organizational needs.
Purpose and Scope
The standard outlines principles, frameworks, and processes to help organizations of all sizes identify, assess, and manage risk. ISO 31000 is applicable across sectors and is designed to be customized to each organization’s specific context.
Key Features:
- Not intended for certification purposes
- Provides global benchmarking for risk practices
- Applicable to any organization regardless of size or industry
Key Principles of ISO 31000:2018
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Integrated – Embedded in all organizational activities
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Structured and Comprehensive – Enables consistent results
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Customized – Tailored to the organization’s internal and external context
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Inclusive – Involves stakeholders in risk-based decisions
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Dynamic – Adapts to changes and uncertainties
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Best Available Information – Decisions based on relevant and accurate data
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Human and Cultural Factors – Considers behavior and values
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Continual Improvement – Built-in system evolution and learning
Risk Management Framework
Leadership & Commitment
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Demonstrates top management involvement
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Establishes accountability and authority
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Allocates appropriate resources for risk management
Framework Design & Implementation
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Develops and integrates policies, structures, and communication plans
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Embeds risk management across processes and strategic decisions
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Identifies decision-making touchpoints
Monitoring & Continual Improvement
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Measures the effectiveness of risk strategies
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Updates framework based on internal audit and review
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Enables learning from past performance and emerging risks
The Risk Management Process
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Communication & Consultation – Engage stakeholders internally and externally
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Establish Context – Understand business environment and objectives
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Risk Identification – Spot events or situations that may impact goals
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Risk Analysis – Evaluate probability and consequences
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Risk Evaluation – Rank and prioritize risks
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Risk Treatment – Plan and implement mitigation strategies
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Monitoring & Review – Ongoing oversight and performance tracking
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Recording & Reporting – Document findings and actions
Risk Treatment Options
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Avoid the risk entirely
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Accept the risk when benefits outweigh threats
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Remove the source of risk
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Change the likelihood or impact
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Share the risk (e.g., insurance, outsourcing)
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Retain the risk based on informed judgment
Business Applications of ISO 31000
Real-World Relevance (e.g., COVID-19)
- Health & Safety – Track and prevent workplace infections.
- Economic Impact – Address revenue fluctuations during lockdowns.
- Supply Chain – Mitigate disruption in critical materials.
- Information Security – Ensure secure remote access.
- Human Resource – Plan for absenteeism and succession.
Benefits of Implementing ISO 31000
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Enhances decision-making and governance
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Protects organizational assets and reputation
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Increases confidence among stakeholders
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Improves resource allocation and operational efficiency
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Supports regulatory and strategic objectives
Why ISO 31000 is Important
Risk is inevitable in every organization. ISO 31000 enables you to:
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Make smarter decisions under uncertainty
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Minimize negative impacts
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Capitalize on opportunities
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Improve stakeholder trust and credibility
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Enhance your ability to achieve goals
Why Choose TUV Austria BIC for ISO 31000?
TUV Austria Bureau of Inspection & Certification offers:
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Comprehensive gap assessments and documentation alignment
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Expert guidance for aligning existing processes with ISO 31000
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Training and internal audit support
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Preparation for third-party evaluations and accreditation readiness
Our approach focuses on practical implementation, minimizing disruption while maximizing compliance and business value.
Additional Services Offered
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Halal Certification, GlobalG.A.P., IFS, and more
Frequently Asked Questions (FAQs)
What is Risk?
Risk is the effect of uncertainty on objectives—positive or negative.
What is Risk Management?
Risk management is the process of identifying, assessing, and responding to risk. It balances threats and opportunities to enhance organizational success.
What is the Risk Management Process?
It includes communication, setting context, identifying and analyzing risk, evaluation, mitigation, monitoring, and review.