ISO standard frameworks have become a widely accepted standard for Enterprise Risk Management (ERM) by private companies, government entities, associations and non-profit organisations throughout the world. The ISO 31000:2018 is the one framework that addresses the needs for Risk Management.  

IS0 31000 provides guidelines on managing risk experienced by any type of organisation and the guidelines stipulated in this ISO can be tailored to fit the organisation and its context.  As this ISO provides guidelines that are commonly applicable to all types of organisations, it can be applied to any activity, including decision-making at all levels. 

Risk Management Principles  

The ISO journey begins with the Principles to follow for effective Risk Management to be attained. They include, amongst other things, the notion that it should be integrated and customised into the organisation and towards its needs.  

Risk Management Framework 

The ISO standard provides guidelines on how the Risk Management framework should be prepared and created, encompassing the Integration, Design, Implementation, Evaluation, and Improvement of risk management across the organisation through leadership and commitment. Image removed.

Risk Management Process  Image removed.

After having established its risk management core principles and framework, the organisation must create a process to identify, analyse and evaluate its risks accurately and efficiently. It will then be positioned to treat the inherent risks with appropriate controls and measures to mitigate the risk and bring them down within the organisation’s risk appetite. This includes the efficient use of policies, procedures and practices to the activities of communicating and consulting, establishing the context and assessing, treating, monitoring, reviewing, recording and reporting risk.  

Benefits of implementing ISO 31000 

The benefits of the implementing of the ISO in your organisation may include the following: 

  • Operational effectiveness and governance and proactively enhanced; 
  • Losses are minimised by implementing management system controls;  
  • Performance is improved and impact of risk minimised;  
  • Stakeholders have more trust and confidence in the entity; and  
  • Your business is protected and you are better positioned to react to any changes in an effective and efficient manner.  

Our approach to your ISO 31000 requirements  

At RSM MalImage removed.ta we can assist you to design and operate a Risk Management framework that will meet your governance needs. We will evaluate your current risk management system and identify any gaps and shortcomings. Where necessary we will recommend ways to address and improve these gaps and shortcomings, assist you in defining and developing a risk treatment action plan, and thereafter support you in its implementation and rollout. Our hands-on support and assistance will be based on the ISO 31000, placing your organisation in line to reach out for being audited and certified.  

 

 

If you would like to know more about RSM Malta’s ISO 31000 services, please do not hesitate to contact us via the online form or call us and we will be happy to help.