ISO 31000 And Its Relevance Today

COVID-19 has added new meaning and significance to risk management. It is the age of caution and safety as people and companies now have a much greater understanding of safety protocols and risk management. The ISO 31000 and 31010 standards are the ideal way to set up and implement enterprise risk management (ERM) systems in your business today.

What is ISO
ISO is the International Organization for Standardization. ISO standards and certification were established by the International Organization for Standardization (ISO) which has been around for over 70 years (since 1947). They are still going strong and are even more important today. They have been accepted by more than 160 countries and have guidelines to cover quality and safety in more than 22,500 different business situations (23,627 international standards to be exact).

ISO standards include guidelines to cover risk management and control quality in almost all types of manufacturing, technology, and general business. They are an independent membership organization with members from 165 different countries (only 1 member per country). ISO has almost 800 technical committees and subcommittees which develop industry standards.  The beauty of the ISO framework is that the system can be used by virtually any size or type of organization to manage risk. ISO’s motto is “Great things happen when the world agrees.”

ISO Compliance And Certification
In the most basic terms, ISO compliance means following the applicable ISO guidelines for your industry and/or business and verifying your accuracy personally. Meanwhile, certification involves following the same ISO rules but having your compliance reviewed and formally confirmed by other people aka auditors.

ISO 31000 And 31010
ISO 31000 (ISO 31000:2018) constitutes the international standards set by the ISO to help organizations and businesses manage risk. ISO 31000 guidelines were established in 2009 and then modified significantly in 2018. The standards are adaptable to any group and provide “a common approach to managing any type of risk and is not industry or sector-specific.”

ISO 31010 is the set of instructions and standards to guide your group in properly following the ISO 31000:2018 framework. Both include simple terminology to set up the standards for any group, business, or organization. Adopting the standards will help you handle the future in a skilled way.

Why Get ISO 31000 Certification
Obtaining ISO 31000 personal certification shows the companies you work with that you take risk management seriously. While the ISO 31000 framework does not allow for standards certification as an organization, you as a risk manager can be certified in the ISO 31000 standards. Your organization should also set up ISO compliance with the ISO 31000 standards.

Being able to demonstrate your management certification and ISO 31000 compliance will help establish you as a manager and company at the forefront of risk management. Following these industry standards shows that you are not buffeted by changes in the business world but instead are always working a step ahead.

Why Is ISO 31000 Important Now
The COVID-19 Pandemic has made almost everything seem out of control and uncertainty seems to be running rampant. Risk management has never been more important for the well-being and bottom line of your business. Risk management and anticipating and responding to different types of risks is critical in today’s business climate.

The ISO 31000 framework will allow you to anticipate old and new risks and respond appropriately to them. The future is not as uncertain when you create and follow a viable plan. When you have responses to a variety of types of risks, you can learn how to handle risks before they happen. You have likely already learned the importance of being able to pivot and respond to the changes created by an evolving pandemic on your business. Following the ISO 31000 guidelines will help you do this even better. Do not work from behind and don’t be reactive. Proper risk management allows you to be proactive and handle change.

Go Forward With Leadership
Enterprise Risk Management Academy will give you the tools to lead your company forward through the current crisis with strength and purpose. You can get the training and skills to be a risk management superstar. Become a certified risk management professional. You can also become certified in risk management governance. These impressive certifications will set you and your business at the forefront of handling risk management and boldly going forward to manage risk instead of responding to crises. Start toward risk management today for a better future.


Written by Jordan MacAvoy
Author Bio: Jordan MacAvoy is the Vice President of Marketing at Reciprocity Labs and manages the company’s go-to-market strategy and execution. Before joining Reciprocity, Mr. MacAvoy served in executive roles at Fundbox, a Forbes Next Billion Dollar Company, and Intuit, via their acquisition of the SaaS marketing and communications solution, Demandforce.