ISO 31000 is an international standard for Risk Management that provides a set of principles, a Risk Management framework and process, which help organizations take a proactive approach to risks that they face.
ISO 31000 helps organizations to develop, implement and continuously improve a framework that aims to integrate Risk Management strategies into the overall organizational processes including decision-making.
The Risk Management process involves following five steps that identify circumstances, detect risk-associated hazards, assess and determine the risk, control evaluated risks and review the impact of the risks.
This international standard is important if you are interested in providing yourself with comprehensive guidelines that will help your organization strengthen its indecision-making process and overall management. ISO 31000 is intended to simplify the task of governing complex situations that require crucial decisions to be made towards a structured approach of identifying and judging risks.
At the end of the program, participants would have the following benefits:
- Understand how to apply the COSO-ERM framework so you can implement an effective ERM system;
- Discover the purpose and definitions of Enterprise Risk Management (ERM).
- Benchmark your ERM practices against the COSO/ISO 31000 -ERM frameworks so you can measure your present practices stand-up to industry standards;
- Comply with the requirements for corporate governance (such as the various international standards like the Cadbury Report);
- Get the big picture of ERM Frameworks;
- Learn how to align risk appetite and strategy;
- Identify the roles, responsibilities, and accountabilities for ERM;
- Enhance risk response decisions;
- Reduce operational surprises and losses;
- Identify and manage multiple and cross-organizational risks;
- Provide integrated responses to multiple risks;
- Gain more confidence in doing ERM in your company/job; and
- Discover how to design and implement an appropriate Enterprise Risk Management system i.e. policies, procedures, practices, and accountability required to establish the right levels of Risk Management in compliance with current standards and other requirements for your organization.