Risk Management System ISO 31000

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ISO 31000 Risk management – principles and guidelines

Risk management system determines and minimizes risk. It includes coordinated activities to direct and control an organization with regard to risk. It also involves a methodic application of management policies, procedures and practices to the activities of communicating, consulting, establishing the context, and identifying, analysing, evaluating, treating, monitoring and reviewing risk.

This certification is a standard in business operation for risk management. This standard is not intended for accredited certification by third party certification bodies.

Eleven principles are identified that can be assessed and verified to demonstrate an organization’s compliance. These form the foundation for an effective risk management practice. Verification requires second party audits or verification and independent review.

Benefits of a certified system include:

  • Standardizes the risk assessment methodology of an organization throughout their business operations.
  • Develops a consistent approach to risk management for all stakeholders
  • Assists in identifying risk assessment and treatment options
  • Reduces level of errors via improved accuracy of risk data by application of the nominated principles

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