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Reducing and managing risks are parts of daily works for organizations who have implemented risk management into their system. For support and assistance, ISO certified company in the Philippines often turns to ISO 31000 on risk management.
This year, 2015 is the fifth year of the standard and it is it’s year for revision. The revision process kicks from the 3rd to 9th of March 2015 in Paris, where-in the working group of professionals responsible for developing risk management standards gathered. They discussed the necessary changes to be made.
ISO 31000:2009
ISO 31000:2009, Risk management, provides principles, frameworks and a process for managing risk. It can be used by any organization regardless of its size, activity or sector.
Why is the revision needed?
In the past, number of practitioners said that ISO 31000:2009 needed a review to make sure that it still remained relevant to the users. In effect, ISO Guide 73:2009 will need to be revised as changes are to be made in terms of and definitions used in the revised ISO 31000.
What are the points of the revision?
A lot have seen this as an opportunity to seek greater changes that reflect the needs of major corporations and governments for a high-level document. ISO, TC 262 and WG 2 had to deal with a number of comments, 656 to be exact. While they did complete the task, it has demonstrated a need for a new high-level document that will require full technical review by ISO, TC 262 and WG 2 to develop a design specification that outlines issues addressed on the comments examined in Paris.
What will the new editions changes for users of this standard?
Clarity! The review of ISO 31000 will provide greater clarity to the users. This will greatly help corporations, organizations and companies to properly assessed, reduce, anticipate and manage risks for their businesses. When things are well clarified, we can handle them in the most practice we can.
When is the publication date?
There is no exact time table for its publication. According to ISO, target publication date will be on mid-2016 to the end of 2017.
ISO 31000 helps organizations increase the likelihood of achieving objectives, improve the identification of opportunities and threats. It also helps the organizations to effectively allocate and use the resources for risk treatment.
Having these guideline, framework and process will help the organizations to properly and effectively manage risks and turn them into positive outcomes.
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