ISO Releases Standard Designed to Help Organisations Better Understand Risk

The only certainty in business is uncertainty, ISO says.

As you know, risk can present itself in many forms, and can often give you little time to both anticipate it, and clean up in the aftermath. A quality management system backed by an internationally governed authority like ISO is one of your best options in tackling existential risks to your organisation. In recognition of this, ISO has released a new standard aimed at helping organisations tackle various external and internal aspects that pose a risk to an organisation’s health and profits.

Known as ISO 31010 Risk Management, it features a range of techniques to identify and understand risk. From there, your organisation can implement strategies to either eliminate or mitigate the chances of detriment to your bottom-line.

“All businesses face threats on an ongoing basis, ranging from unpredictable political landscapes to rapidly evolving technology and competitive disruption,” ISO said in a statement. They have “developed a toolbox of risk management standards to help businesses prepare, respond and recover more efficiently. It includes a newly updated standard on risk assessment.”

31010 describes the processes to be followed when assessing risk, from defining the scope, to delivering the report in your management review or more urgent meetings. It introduces a wide range of techniques for identifying and understanding risk in a business or technical context.

Professor Jean Cross, convenor of the group of experts that maintains and revises the IEC on ISL 31010 says the standard is an absolutely “valuable complement to ISO 310000 by providing detail on how risk can be assessed and describing the advantages and disadvantages of the different techniques that can be used.”

“The standard is useful both as part of a process to manage risk and when comparing options and opportunities so that decisions are based on good understanding of risk,” she said.

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