ISO 31000:2018 Risk Management Essentials
ISO 31000 Standard has been revised providing more strategic guidance than its predecessor ISO 31000:2009, placing more emphasis on the involvement of senior management and the integration of risk management into the organization.
The purpose of ISO 31000 is to provide principles and generic guidelines on risk management, and aims to deliver a single universally recognised standard for practitioners and companies employing risk management processes to replace the numerous existing standards, methodologies that varied between industries, subject matters and regions.
What is Risk Management?
The identification, evaluation and prioritisation of risk to prevent injuries or illness, and the possibility of losing something of value including, protecting financial assets, and social status.
Risks can come from various sources including uncertainty in financial markets, legal liabilities, accidents, natural causes and disasters, deliberate attack from an opposition, or project failures.
There are two types of events
Negative events classified as risks
Positive events classified as opportunities
Your Legal Obligation
Businesses have a legal obligation under the Management of Health and Safety at Work Regulations 1999 to protect employees and others from workplace hazards.
By applying the ISO 31000:2018 framework, organisations can meet this duty through a structured and proactive risk management process.
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