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ISO 31000:2018ISO
Risk management — Guidelines
The common foundation for every risk discipline: principles, framework and process. Its strength is its economy — eight principles, a five-part framework, a six-step process — applying equally to operational, project and strategic risk.
Official textWho it applies to
- Risk functions
- Internal audit
- Any function formalising a risk assessment
Structuring points
- Risk is the effect of uncertainty on objectives — it can therefore be positive
- Identification, analysis and evaluation are three distinct steps
- The risk management framework is a governance matter, not a methodological one
- Communication and consultation run through the whole process rather than forming a step
Any type of risk, at any level of the organisation.