What is ISO 31000:2018 Risk Management – Guidelines?

ISO 31000:2018 is a generic risk management standard. It was developed by ISO Technical Committee 262, Risk Management. The official name of the standard is ISO 31000:2018 Risk Management Guidelines

It was published in February 2018 and is the second ISO standard edition. It cancels and replaces the ISO 31000:2009, which is now obsolete. In addition, it was updated to streamline the content and respond to changing stakeholders and expectations.

ISO 31000 is the International-level standard that specifies certain guidelines and practices for businesses to follow in their risk management system. It provides a comprehensive approach to managing risk in every business area, including financial loss, data breaches, intellectual property loss, safety risks, etc.

Removing uncertainties in business is essential to promote growth and efficiency. This international standard for risk management lays down detailed regulations and principles for businesses to manage and mitigate business risks, enhancing the value of their output.