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Risk Assessment & Management According to ISO 31010

Brought to you by IBEC Intelligence

All businesses face threats on an ongoing basis, ranging from unpredictable political landscapes to rapidly evolving technology and competitive disruption. IEC and ISO have developed a toolbox of risk management standards to help businesses prepare, respond and recover more efficiently. ISO/IEC 31010:2019 includes a newly updated standard on risk assessment techniques.

This regulation is not a certifiable standard, it is a methodological tool that proposes a number of issues to consider in the risk assessment process.

To apply these techniques, you first need to detect the risks that may have potential impact on the company. Then, assess the risks using methods and techniques offered by the regulation, including risk identification, risk analysis and subsequent assessment. Among the many techniques proposed by ISO 31010, you must use the one that suits the purposes and possibilities, depending on the complexity and novelty of the situation.

Some of the principal benefits of a performing risk assessment include:

  • Providing objective information for decision makers,

  • Understanding of the risk and its potential impact upon objectives,

  • Identifying, analyzing and evaluating risks and determining the need for their treatment,

  • Quantification or ranking of risks,

  • Contributing to the understanding of risks, in order to assist in selection of treatment options,

  • Identification of the important contributors to risks and weak links in systems and organizations,

  • Comparison of risks in alternative systems, technologies or approaches,

  • Identification and communication of risks and uncertainties,

  • Assisting with establishing priorities for health and safety,

  • Rationalizing a basis for preventive maintenance and inspection,

  • Post-incident investigation and prevention,

  • Selecting different forms of risk treatment,

  • Meeting regulatory requirements,

  • Providing information that will help evaluate the tolerability of the risk when compared with pre-defined criteria.

To know more and get additional information on the risk assessment process for your company, schedule a free 30-minute consultation with an IBEC expert.

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