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ISO 31000 is a set of international standards for risk management.It was developed in November 2009 by International Organization for Standardization. [1] The goal of these standards is to provide a consistent vocabulary and methodology for assessing and managing risk, resolving the historic ambiguities and differences in the ways risk are described.
An accompanying standard, ISO 31010 - Risk Assessment Techniques, soon followed publication (December 1, 2009) together with the updated Risk Management vocabulary ISO Guide 73. The standard set out eight principles based around the central purpose, which is the creation and protection of value. [6]
As a professional role, a risk manager [8] will "oversee the organization's comprehensive insurance and risk management program, assessing and identifying risks that could impede the reputation, safety, security, or financial success of the organization", and then develop plans to minimize and / or mitigate any negative (financial) outcomes.
Risk management is predicting and managing risks that could hinder the organization from reliably achieving its objectives under uncertainty. Compliance refers to adhering with the mandated boundaries (laws and regulations) and voluntary boundaries (company's policies, procedures, etc.). [7] [8]
risk assessment (risk identification, risk analysis, risk evaluation) risk treatment; monitoring and review "Risk assessment is the overall process of risk identification, risk analysis and risk evaluation" (ISO 31010) Risk can be assessed at any level of the company’s operations or goals.
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Here, the management is ongoing [10] — see following description — and is coupled with the use of insurance, [71] managing the net-exposure as above: credit risk is usually addressed via provisioning and credit insurance; likewise, where this treatment is deemed appropriate, specifically identified operational risks are also insured. [68]