Risks are part of everyday life, they appear in different forms and ranges. Thus we have business continuity risks, project risks, market risks, etc. ISO 31000 is an international standard that sets out a set of principles that need to be met in order for risk management to be effective.
Risk management is essential for successful business, and ISO 31000 is the best basis for establishing an organization’s risk management system, which is followed by a risk management methodology chosen by the organization. The ISO 31000 standard provides generic guidance, so the design and implementation of risk management plans should take into account the specific needs of the organization, context, objectives, structure, processes, projects, operations, products and services, and staff assets and practices. First, the context of the organization is determined, which must include the goals of the organization and the conditions in which the organization operates in order to reveal the nature and complexity of the risk.
Establishing a risk management system in accordance with ISO 31000 will increase the likelihood of achieving the objectives and establish a reliable basis for decision-making and planning.
What is involved in establishing a risk management system?
- Risk identification involves documenting threats to achieving goals.
- Risk analysis includes an assessment of the likelihood of risk as well as potential impacts.
- Risk integration involves understanding the combined impact of risks, their interdependence, and the specific impact on key elements of the business.
- Prioritize the contribution of risk in the overall risk profile of the organization.
- Risk treatment / Exploiting opportunities involves developing strategies to control and exploit various opportunities.
- Risk monitoring and audit includes continuous measurement, risk monitoring and effectiveness of risk management strategies.
We assist you in developing, implementing and maintaining the risk management process in your organization in accordance with internationally recognized standards and best practices. Xiphos has extensive experience in assisting organizations in implementing the necessary processes, policies, procedures, and operating instructions required for quality risk management. Our consulting methodologies are the result of continuous improvement, research and work with clients. Contact us with confidence!
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