ISO 31000

ISO 31000 is part of a family of international standards issued by the International Organization for Standardization ISO. ISO 31000 is the standard designation for the Risk Management and contains principles and guidelines.

USE OF THE ISO 31000 IN PRACTICE:

ISO 31000 provides guidance on how to manage a systematic, transparent and reliable way, various forms of risk and how to harmonize risk management into the organization and all its processes, decisions, products, services and assets. Although it contains principles and guidelines, it is not intended to implement risk management across the organization and it is not intended for certification purposes. It is applicable in all sectors. It can therefore be used by any type of an organization. ISO 31000 was issued in October 2010, the current revised version is called ISO 31000:2009.

ISO 31000:2009 GIVES A LIST ON HOW TO DEAL WITH RISK:

Avoiding the risk by deciding not to start or continue with the activity that gives rise to the risk.

Accepting or increasing the risk in order to pursue an opportunity.

Removing the risk source.

Changing the likelihood.

Changing the consequences.

Sharing the risk with another party or parties (including contracts and risk financing)Retaining the risk by informed decision