ISO 31000:2009

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Risk is involved in any activity of an organization. ISO 31000:2009 describes a systematic and logical process, during which organizations manage risk by identifying it, analyzing, and then evaluating whether the risk should be modified by risk treatment to satisfy their risk criteria. Risk management can be applied to an entire organization, at its many areas and levels, at any time, as well as to specific functions, projects, and activities. ISO 31000:2009 states that the success of risk management will depend on the effectiveness of the management framework providing the foundations and arrangements that will embed it throughout the organization at all levels. It ensures that information about risk derived from the risk management process is adequately reported, and also ensures that this information is used as a basis for decision making and accountability at all relevant organizational levels. This International Standard can be used by any public, private, or community enterprise, association, group, or individual. Therefore, this International Standard is not specific to any industry or sector.
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