- What is ISO 31000 Enterprise Risk Management?
There are various approaches, international standards & framework in existence through which an effective risk management system can be set up in the organization. One of the widely accepted standards is ISO 31000 which is a process-based system. It recognizes the variety of nature, level and complexity of risks and provides generic guidelines on principles and implementation of risk management. This International Standard sets out how an organization should understand the specific context in which it implements risk management.
- Why do organizations need ISO 31000 Enterprise Risk Management?
Enterprise Risk Management is a risk-based management approach to proactively identify risks an organization faces, take appropriate actions to mitigate the risks and convert risk into potential opportunities for the business to grow. With strong management support and a robust ERM framework, organizations can turn hazards into business opportunities and create leverage. Organizations of any kind face internal and external factors and influences that make it uncertain whether, when and the extent to which they will achieve or exceed their business objectives. Risk Management plays a very vital role by overcoming all such possible hindrances and makes the organization able to achieve its end objectives.
Who is this for?
Any organization, not limited to private or business sector can implement Enterprise Risk Management system. Typical industries who needs to have a proper ERM function in place are:
- Banking and Financial Institutions,
- Service Industry (BPOs etc.)
- Utilities (Telecommunication, Power, Water),
- Mining, etc.
- Proactively identify and address the risks of an organization.
- Determine the top risks faced by your organization and the appropriate actions to take.
- Build a sustainable enterprise delivering its products and services continuously.
- Improve customer satisfaction by delivering reliable products & services.
- Enhance decision-making strategies through adequate information on risks and consequences.
How can we help?
Using the ISO 31000 standard and other risk management best practices/frameworks such as COSO provides strong Risk Management System ranging from gap assessments and risk assessments to full-fledged Risk Management System implementation.
ECCI prepares practitioners and auditors for Enterprise Risk Management through Internal Auditor and Lead Auditor training; Risk Management Practitioner and Risk Assessment workshops.
ECCI has developed an ERM implementation approach based on 5D (Discover, Define, Document, Deploy and Determine) to have a robust Risk Management System.
Note: ISO 31000 is a not certification standard.