ISO 37000 | Risk Management

The International Organization for Standardization (ISO) published the international standard ISO 31000 in 2009 with the goal of serving as a manual for the development, implementation, and upkeep of risk management.

Organizational risks can have an impact on outcomes related to the environment, safety, and society in addition to financial success and professional reputation. Thus, effective risk management enables firms to function effectively in a volatile environment.

Organizations that apply ISO 31000 are more likely to achieve their goals, better identify opportunities and threats, and allocate and deploy resources for risk management in an efficient manner.

It can be used by any public, private, or community enterprise, association, group, or individual because it is not particular to any industry or sector. A wide range of activities, including strategies and decisions, operations, procedures, functions, projects, goods, services, and assets can all be covered by this standard over the course of an organization's existence.