ISO 31000:2018 Certification- What to Expect from the Revised Version?

1. ISO 31000:2018 Certification- What to Expect from the Revised Version?

2. INTRODUCTION! The Risk Management Standard presented by the International Organization for Standardization has been gone through revision recently. ISO experts have detected some major modifications that have marked the difference between the 2009 and 2018 version. ISO 31000:2018 certification offers guidelines on how to manage the common and vulnerable risks experienced by the organizations. In this version, ISO has discarded complicated languages. The current version of ISO 31000 certification contains simple wordings in a precise form. This standard provides a brief but useful guideline that includes the vitality of human and cultural issues associated with gaining the objectives set out by an organization. It explains the importance of embedding risk management in all the levels of the decision-making process.

3. 1 MAJOR PRINCIPLES OF ISO 31000

4. ISO Risk Management standard defines what the main purpose of this regulation is. The revised standard contains eight major principles. These are- • Framework and process need to be customized and balanced • Right and on-time involvement of stakeholder is “must.” • The approach should be properly structured and precise • All organizational operations should center on the risk management approach • The approach should predict, recognize, acknowledge, and address the changes effectively • The risk management approach should address the limitations of information • While developing the approach, it is important to reflect on the human and the cultural influences • ISO 31000 demands continuous improvement through seamless learning and experience

5. 2 RISK MANAGEMENT

6. RISK MANAGEMENT FRAMEWORK ISO 31000:2018 certification provides a framework that contains three sections- Risk Management Architecture, Risk Management Strategy, and Risk Management Protocols.

7. RISK MANAGEMENT ARCHITECTURE • Committee structure and reference • Roles and responsibilities • Requirements for internal audit • Requirements for external controls • The arrangement required for risk management

8. RISK MANAGEMENT STRATEGY • Risk Management Principle • Plan for embedding risk management • Risk Appetite • Attitude to vulnerabilities • Benchmark tests • Risk management policy • Risk assessment techniques

9. RISK MANAGEMENT PROTOCOLS • Tools and methods • Risk diversification system • Risk assessment plan • Risk control processes • Documentation • Training requirements • Communication • Audit and protocols • Reporting and certification

10. CONCLUSION Every ISO certification (be itISO 20000 certification or ISO 9001) aims at providing a uniformed approach through which a business can strengthen their organizational structure and improve their business operations and functionalities.

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