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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.
ISO 31000 defines risk appetite as the "amount and type of risk that an organization is willing to pursue or retain." [3]Risk appetite is burdened by inconsistent or ambiguous definitions, but rigorous risk management studies have helped remedy the lack of consensus. [4]
ISO 31000 is an International Standard for Risk Management which was published on 13 November 2009, and updated in 2018. An accompanying standard, ISO 31010 - Risk Assessment Techniques, soon followed publication (December 1, 2009) together with the updated Risk Management vocabulary ISO Guide 73.
ISO 31000:2018 Risk management – Principles and guidelines; ISO/TR 31004:2013 Risk management – Guidance for the implementation of ISO 31000; ISO/IEC 31010:2009 Risk management – Risk assessment techniques; ISO 31030:2021 Travel risk management — Guidance for organizations; ISO/IEC/IEEE 31320 Information technology – Modeling Languages
ISO/IEC 27554 — Application of ISO 31000 for assessment of identity-related risk. ISO/IEC 27555 — Guidelines on personally identifiable information deletion. ISO/IEC 27556 — User-centric privacy preferences management framework.
As with occupational safety management, there are a number of risk management models that can be used depending on the risk profile of an organisation, but the internationally recognised standard ISO 31000 - Risk management – Guidelines [3] is a common starting point. Interestingly, there is no reference to safety within the standard.
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ISO/IEC 31010 is a standard concerning risk management codified by The International Organization for Standardization and The International Electrotechnical Commission (IEC). The full name of the standard is ISO.IEC 31010:2019 – Risk management – Risk assessment techniques.