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Volume 31, Issue 1

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Thursday, 15 February 2018 15:54

The new ISO 31000 keeps risk management simple

Damage to reputation or brand, cyber crime, political risk and terrorism are some of the risks that private and public organizations of all types and sizes around the world must face with increasing frequency. The latest version of ISO 31000 has just been unveiled to help manage the uncertainty.

Risk enters every decision in life, but clearly some decisions need a structured approach. For example, a senior executive or government official may need to make risk judgements associated with very complex situations. Dealing with risk is part of governance and leadership, and is fundamental to how an organization is managed at all levels.

Yesterday’s risk management practices are no longer adequate to deal with today’s threats and they need to evolve. These considerations were at the heart of the revision of ISO 31000, Risk management – Guidelines, whose latest version has just been published. ISO 31000:2018 delivers a clearer, shorter and more concise guide that will help organizations use risk management principles to improve planning and make better decisions. Following are the main changes since the previous edition: