In essence, ISO 22301 is the international standard for business continuity management systems (BCMS) that are related and similar to risk management practices in nature as it follows a systematic approach to discovering risks that might disrupt essential businesses operations. This is how ISO 22301 correlates with and compliments risk management:
1. Identification and Risk Assessment: ISO 22301 certification demands organizations to prepare a risk assessment creating an overview of possible risks, threats that can occur any may have occurred. This provides the basis for business continuity strategies that are both effective and comprehensive, with risk management practices which should be proactive.
2. Business Impact Analysis (BIA): for Business Impact Analysis the advised measure is to never skip this part, only a BCP standard can show you how important to weigh and consider importance between many business functions & processes. This analysis can help in identifying what are the biggest risks based on their impact towards the operations and therefore it could prioritize resources on treating threats.
3. Mitigation Strategies for Risks: ISO 22301 requires contingency plans or business continuity plans that mitigate identified risks and provided the consequences of these initially forecast. This encompasses risk mitigation approaches — all the way from preventative actions to response and recovery strategies, in order for organizations to make certain that they are ready and able when faced with a disruption.
4. Continual improvement: In the spirit of ISO systems, a key component is challenging your continually assessing and improving upon past test results. To prevent these adverse outcomes, organizations must continually revisit and revise their BCPs to adapt new risks; transforming current risk mitigation strategies at temporally defined rates based on ongoing continuous monitoring functions.
5. Integration with Risk Management Frameworks: ISO 22301 can be naturally integrated into existing risk management frameworks and standards like ISO 31000. The integration allows a more integrated response to the management of operational risks and business continuity challenges.
In short, ISO certification is a strategy to consolidate risk management by having an established framework in place for organizations that cover action steps how and what actions should be taken before impact of risks are felt, during the event or post-event so corporations can keep running business critical operations as they were originating just after crises.
