ISO 31000 – as a family of risk management standards – is not developed for a particular industry group, management system or subject matter field in mind, rather to provide best practice structure and guidance to all operations concerned with risk management.

It provides generic guidelines for the design, implementation and maintenance of risk management processes throughout an organisation. This approach to formalizing risk management practices help facilitates broader adoption by companies who require an enterprise risk management standard that accommodates multiple ‘silo-centric’ management systems.

The standard also provides guidelines and principles that assist in undertaking a critical review of your organisation’s risk management processes and framework.

Objective of the standard

The objective of this Standard is to provide guidance to enable public, private or community enterprises, groups and individuals to achieve:

  • A more confident and rigorous basis for decision-making and planning 
  • Better identification of opportunities and threats
  • Gaining value from uncertainty and variability
  • Pro-active rather than re-active management
  • More effective allocation and use of resources
  • Improved incident management and reduction in loss and the cost of risk, including commercial insurance premiums
  • Improved stakeholder confidence and trust
  • Improved compliance with relevant legislation 
  • Better corporate governance

Benefits of the standard

Once implemented, organisation can achieve significant efficiency and improvement in decision making, planning and mitigation of risks. Other benefits include;

  • Proactively improve operational efficiency and governance
  • Build stakeholder confidence in your use of risk techniques
  • Apply management system controls to risk analysis to minimise losses
  • Improve management system performance and resilience
  • Respond to change effectively and protect your business as you grow 

How can we help

VERRACORP has capabilities and expertise to consult and implement the requirements of various Standards including ISO 31000.

We can assist in your journey to get your ISO 31000 certification through;

  • Initial Design and Development – ensuring optimal compliance and efficiency
  • Gap Analysis – identifying and understanding improvement opportunities in current practices in terms of compliance to Standards
  • Bit sized and easy to implement action plan
  • Education and training in understanding the requirements
  • Pre-Certification Audits – ensuring compliance ahead of any third-party assessment.

Whatever be your size, scale or industry, we work with you to understand your unique challenges to provide a solution that not only meets ISO 31000 requirements but also adds value to your business.