How ISO 31000 certification helps organizations to recognize risks in a structured and systematic way.
1. A risk management framework allows ISO 31000 to build the identification of risks within organizational processes. Having an integrated risk management approach allows for strategic planning & decision-making.
2. Process of Risk Management: The guide lays out a comprehensive risk management process, which begins by determining the risks. It includes specific processes that are aimed at identifying and recording risks from top to bottom in an organization.
3. Think of Context Development: ISO 31000 certification stresses the inner and outside context which surrounds an organization. This includes understanding industry trends, regulatory requirements and stakeholder expectations, all of which assist in identifying the right kind of risks.
4. Risk Identification: The standard suggests several methods to identify and analyse potential risks, including brainstorming,SWOT analysis, scenario analysis etc.
5. Stakeholder Engagement: ISO 31000 advocates the participation of stakeholders in identifying risks. This comprehensive method allows to explore the risks that may not be visible for in house teams.
6. Ongoing Monitoring and Review of Risk Environment : The OCF maintains the environment to see common changes arise as risks in order to change this position. Annual reviews help ensure that new risks and emerging issues are identified, assessed and managed well.
ISO certification helps in optimizing the capability of risk evaluation process which will help them to develop a real-time picture about potential risks making it easy for organizations to generate effective action plans; fiscal forecasting and strategic planning.
