OVERVIEW

The term “Risk” has always been associated with the possible failure and losses. With the emergence of ISO 31000, risk is defined as ‘the result of uncertainty on objectives’—where the effects can be both positive and negative. The most strategic challenge that organizations are facing today is to“Manage Risks” associated with a number of factors such as:

• Variable cost or availability of Raw Materials.
• Product Innovation and rapid changes in product technology.
• Increased competition in the marketplace and greater customer expectations.
• Joint venture dependency and complexity.
• Maintaining Reputation in the market.
• Increased Regulatory pressures and legislative requirements.
• Threats to national economies and restricted freedom of world trade.
• Potential for international organized crime and increased political risks.
• Extreme weather events resulting in destruction and/or population shift.
• Cost of retirement/pension/social benefits.
• Increasing importance of intellectual property (IP).

Executing these factors efficiently improves the ability of the organizations to meet its goals and objectives which can improve their bottom line eliminatingthe negative financial and legal impact on their business goals which is an imperative part of ISO 31000 risk management certification.

ISO 31000:2018

ISO 31000 Risk Management System is a universal standard for risk management codified by the International Organization for Standardization (ISO) with its first publication in 2009 followed by ISO 31000:2018.

ISO 31000 Risk management certification is a discipline standard aiming at making better decisions taking into account the uncertainties inherent in life in order to better achieve your business objectives. It brings a structured foundation for risk management process helping organizationsto move beyond simple compliance for creating a culture that leads employees to act as stewards of corporate value.

The main objective behind ISO 31000 is to link risk management to decision-making and performance, helping businesses to integrate good practice into their day-to-day operations and apply it to the wider aspects of their organizational practice.