Virtually all organizations face, and, in turn, must manage, some level of risk. This is generally unavoidable. ISO 31000 provides users with adaptable guidelines on managing risk. It includes the general framework of risk management, along with guidelines for implementation (with the inclusion of management), identifying the context of the organization, and striving for continual improvement.
ISO 31000 is intended to be used by any organization, regardless of size or sector, and it can be accessed at any point throughout the life of the organization and applied to any activity. It covers a common approach for addressing any type of risk.
The new revision of ISO 31000, in accordance with the universal applicability of the risk management standard, adheres to a clear goal: to make things simpler, and thus easier, for the user. To this end, ISO/DIS 31000:2017 makes use of a very basic language to express coherently the fundamentals of risk management. This document is more concise to convey the ample guidance to the user and express the benefits and values of effective risk management.
A major change in line with this shift to simplicity is the decision to reduce the terminology in ISO/DIS 31000:2017 to the core concepts, with the majority of the vocabulary relevant to risk management appearing in ISO Guide 73 - Risk management – Vocabulary.
For example, definitions for risk, risk management, and stakeholder are accessible in the ISO/DIS 31000:2017 document, while the terms relating to, for example, risk evaluation – risk attitude, risk appetite, risk tolerance, risk aggregation, and risk acceptance – can only be found in ISO Guide 73.
ISO/DIS 31000:2017, while being more inclusive and accessible for all users, has further detailed information specific to certain users.
The next step in the revision process will be the Final Draft International Standard (FDIS) Stage. Following this period, the revision of ISO 31000 is anticipated to be published in late 2017/early 2018.
ISO/DIS 31000:2017 - Risk management – Guidelines is available on the ANSI Webstore.