ISO 31000 contains guidelines and a process for how organizations can manage risks. In this blog post, we will go deeper into what you need to know about ISO 31000 and how you can work with it in a digital environment.
What is ISO 31000?
ISO 31000 is a framework that provides guidance to businesses on risk management. ISO 31000 can be adapted to all businesses and all different types of risks. The framework was first published in 2009 and last updated in 2018. The overall goal of the framework is to support decision-making by helping to identify, assess and manage risks.
Why should you work according to ISO 31000?
The purpose of ISO 31000 is to help businesses create a culture where everyone in an organization is aware of the importance of managing and working with risks. Using ISO 31000 is a good first step in risk work. If businesses use ISO 31000, it provides the conditions to maintain a high standard for managing and preventing risks.
Some examples of what the business can achieve with the help of the ISO 31000 framework:
- Improved work processes within the organization
- A better working environment
- Get everyone in the organization working towards the same goal
- Better conditions for identifying opportunities and threats
- More effectively be able to allocate and use resources for risk management.
How do you start working according to ISO 31000?
Here are 5 tips to consider when you start working according to ISO 31000.
- Adapt the standard to your own business.
- Divide and prioritize the risk work.
- Change and new ways of working take time, so be patient.
- Set realistic expectations.
- A step forward is better than no step at all.
In addition to actively starting to work based on the ISO 31000 framework, the ISO work must also be documented in a transparent and structured way. A common solution is to digitize the management system with a digital tool and automate large parts of the documentation. Then you have time for other things and can focus on bringing the ISO work to life in the business.
Tips when choosing a framework
If you prefer to work with the ISO 31000 framework as well as parts of the COSO framework, we recommend not to limit yourself but to work with both. This is because the frameworks are similar to each other, but in many ways also complement each other.
As we previously mentioned, the work according to ISO 31000 requires a lot of administration, which can be made more efficient with the help of a digital tool that helps you both monitor and implement risks in one and the same place.
Stratsys' tool for risk and control is developed with the ISO 31000 framework as well as the COSO framework as a starting point and provides organizations with effective support in risk work.
Do you want to know more about what a risk management system can do for your organization? Read more about Stratsys' tools for GRC management here.