Guide to applying the ISO 31000 risk management framework. Principles, framework, assessment process, and risk treatment.
ISO 31000 provides principles and guidelines for managing risks systematically. Unlike other ISO standards, it is not certifiable, but its application improves decision-making and is the methodological foundation of every management system.
Define the external context (regulations, market, stakeholders) and internal context (culture, structure, resources) that influence risk management. Context determines risk criteria.
Use techniques such as workshops, interviews, scenario analysis, and historical incident review. Each risk must describe its source, event, and potential consequence.
Estimate the likelihood and impact of each risk. Compare them against defined risk criteria to determine which require treatment and in what priority order.
For each risk exceeding the acceptable level, choose a treatment option: avoid, mitigate, transfer, or accept. Document the residual risk after treatment.
Establish key risk indicators (KRIs) and periodically review the risk register. Communicate risk status to management and relevant stakeholders.
No. ISO 31000 is a principles and guidelines guide, not a requirements standard. There is no ISO 31000 certification, but its framework applies within certifiable standards like ISO 27001 or ISO 22301.
Inherent risk is the risk level before applying controls. Residual risk is what remains after treatment. Both must be documented in the risk register.
At minimum quarterly, and always upon significant context changes (new regulation, incident, organizational change). The management review is the mandatory formal instance.
Assessment within 72 business hours. ISO methodology. No ties to certification bodies.
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