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by Greg Hutchins 6 Comments

ISO 31000 Principles of Risk Management

ISO 31000 Principles of Risk Management

Guest Post by Greg Hutchins (first posted on CERM ® RISK INSIGHTS – reposted here with permission)

ISO 31000 is organized around 11 risk management principles.   A management principle refers to a fundamental idea, rule, or truth about a subject. ISO 31000 risk principles serve as the guideline, method, logic, design, and implementation for the risk management framework and its process.

ISO 31000 does not specify how the principles can be used to design, implement, and assure a risk management process. ISO 31000 believes an organization should apply and tailor these principles to the organizational context. ISO 31000 as a guidance document is applicable to all organizations and may be used with any product or service.

The eleven risk management principles are:

  1. Risk management establishes and sustains value.
  2. Risk management is an integral part of all organizational processes.
  3. Risk management is part of decision making.
  4. Risk management explicitly addresses uncertainty.
  5. Risk management is systematic, structured, and timely.
  6. Risk management is based on the best available information.
  7. Risk management is tailored.
  8. Risk management takes human and cultural factors into account.
  9. Risk management is transparent and inclusive.
  10. Risk management is dynamic, iterative, and responsive to change.
  11. Risk management facilitates continual improvement of the organization.

Many of us still think about ‘shall’ clauses as the basis for the design of a process or to demonstrate compliance.  ISO 31000 is different.  It is more principles based.  It is more discretionary.  It requires deep knowledge of risk management and context.

The successful implementation of these risk management principles will determine the design, implementation, and assurance of an effective  ISO 31000 risk management process.

Filed Under: Articles, CERM® Risk Insights, on Risk & Safety Tagged With: ISO 31000, risk management

About Greg Hutchins

Greg Hutchins PE CERM is the evangelist of Future of Quality: Risk®. He has been involved in quality since 1985 when he set up the first quality program in North America based on Mil Q 9858 for the natural gas industry. Mil Q became ISO 9001 in 1987

He is the author of more than 30 books. ISO 31000: ERM is the best-selling and highest-rated ISO risk book on Amazon (4.8 stars). Value Added Auditing (4th edition) is the first ISO risk-based auditing book.

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Comments

  1. Mih kelly says

    June 7, 2019 at 12:16 PM

    Wow this is great

    Reply
    • Greg Hutchins says

      June 7, 2019 at 1:16 PM

      Thanks.

      Reply
  2. Baburam khanal says

    August 13, 2019 at 2:00 PM

    great ideas easy to learn

    Reply
    • Greg Hutchins says

      August 13, 2019 at 2:39 PM

      thanks.

      Reply
  3. Aisha says

    September 15, 2020 at 2:24 AM

    Hello,i need a schedule for when this programme starts if possible a brochure

    Reply
    • Greg Hutchins says

      September 15, 2020 at 7:07 AM

      It’s good to meet you. Are you interested in a group course or individual on line? We can provide a programme as required. Thanks for your interest.

      My email is Greg@800Compete.com

      Reply

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CERM® Risk Insights series Article by Greg Hutchins, Editor and noted guest authors

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