ISO 31000 and Enterprise Risk Management
With the introduction of ISO 31000, many similar international standards will be replaced. Of all replaced standards, AS/NZS 4360 is the most prominent one keeping in mind its exceptional success in Australia, New Zealand and other countries too. However, with a newer approach to view, verify and deal with risk - ISO 31000 promises a better and more efficient way of risk management.
ISO 31000 consists of 11 key principles which view risk management as an elementary process of generating success of the organization. These eleven principles can be regarded as the "essential qualities" required for risk management.
Principle 1: Risk management creates and protects value
Principle 2: Risk management is an integral part of the organizational procedure
Principle 3: Risk management is part of decision making
Principle 4: Risk management explicitly addresses uncertainty
Principle 5: Risk management is systematic, structured and timely
Principle 6: Risk management is based on the best available information
Principle7: Risk management is tailored
Principle 8: Risk management takes human and cultural factors into account
Principle 9: Risk management is transparent and inclusive
Principle 10: Risk management is dynamic, iterative and responsive to change
Principle 11: Risk management facilitates continual improvement and enhancement of the organizationISO 31000 and Enhanced Risk Management
- Continual improvement
- Full accountability for risks
- Application of risk management in all decision making
- Full integration in the organization's governance structure
In coming days, ISO 31000 will become an immensely important part of organizations which have not yet executed a formal and structured risk management framework. Is your company yet to implement a proactive risk management strategy? Is it struggling to effectively implement one? If yes, you are certainly seeking the need of professional help from ComplianceOnline.
ComplianceOnline with its effort to bring the knowledge to the door step of your company have collaborated with many industry experts who has led many successful ISO 31000 processes and have more than 20-30 years in various areas of expertise. They are with their immense knowledge and enormous experience conducting easy to understand and easy to attend webinars which are available in the format of recordings or CDs. So, what are you waiting for? Train your entire team interfacing with ISO 31000 and risk management with below mentioned webinars.