Risks are a part of everyday life, they appear in different forms and ranges. Therefore, 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 extremely important for successful business, and ISO 31000 is the best basis for establishing a risk management system in the organization, followed by the risk management methodology chosen by the organization.
ISO 31000 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 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 evaluation involves understanding the combined impact of risks, their interdependence and the specific impact on key elements of the business.
Understanding the contribution of risk in the overall risk range of the organization.
Risk treatment / exploitation of opportunities involves developing strategies to control and exploit different opportunities.
Risk control and audit includes continuous measurement, risk monitoring and effectiveness of risk management strategies.
We help you develop, implement and maintain 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 operational guidelines needed to manage risk. Our consulting methodologies are the result of continuous improvement, research and work with clients. Contact us with confidence!