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ISO 31000

ISO 31000 Risk Management System Certificate

ISO 31000 Risk Management System

What is risk, risk management and risk analysis?

It is called risk that the targets or the failure to reach a targeted result within a certain period of time and the possibility of loss or damage as a result. In other words, risk is the perceived extent of a possible loss or damage. The risk indicates potential threats, problems and dangers that may arise in the future.

Therefore, there is always uncertainty about risk. Risks are not fully known or predictable, but it is possible to manage them.

The main components of risk are the likelihood of risk and the extent to which it will affect the outcome. However, contrary to popular belief, risks are not always a negative effect. Risks can in some cases also create an opportunity to gain. Systematic efforts are required for the risks to turn into opportunities.

Risks exist in the natural structure of the processes. In order to be able to talk about risk, there must be a process and a defined and desired result at the end of this process. The more complex the process involved in achieving this goal, the greater the risk.

In general, risks concern three main areas of interaction: performance, cost and timing. Technical risk is the risk of not achieving the targeted or planned performance values. Cost risk is when the targeted and planned cost value is exceeded. Here, for example, uncertainties in economic conditions pose a significant cost risk. The timing risk is the risk that the activities cannot be completed within the targeted or planned period.

Technical risks are the main cause of cost and timing risks. This risk generally arises from insufficient technological infrastructure or inadequacies in the realization process of products and services. However, it is a fact that technological infrastructure alone will not be sufficient.

Risk management is a process that encompasses all stages of a product or service, starting from design studies to offering them to customers. Risk management is therefore a systematic process and covers the following topics:

  • Determining risks continuously by making fast and effective decisions
  • Assess which risks should be addressed first
  • Develop strategies and plans to deal with risks

Businesses should aim to keep the uncertainties and the negative effects of these uncertainties more acceptable. Risks should be identified without danger and without causing a problem and their effects should be minimized. Effective risk management should provide them. The main objective of the risk management efforts should be to make the risks visible and measurable for managers in decision-making.

In fact, risks have a sense of perception. A situation that is perceived as a high risk to one person or organization may not be a risk to another person or organization. Therefore, risk should be handled independently of risk perception in high cost business processes.

Risk analysis is the study of identifying and evaluating situations where the results may cause danger or problem. While performing the risk analysis, the system itself should be divided into processes and then the risks that may arise in each process should be examined. In such a study, while examining the processes one by one, the risks that may arise as a whole in the system should be considered. Risk analysis studies are not interested in what measures will be taken and how to take them. These studies are the subject of risk management.

The aim of the risk analysis studies is to reduce the risk level in the processes of the enterprise to the expected level. An acceptable level of risk is the amount of risk that an entity can handle or carry. The risk remaining after the measures to be taken in risk management studies should be lower than the predicted risk.

Generally, when risk management is performed by looking at the results of the risk analysis, the following actions are taken:

  • If there is a high risk and no measures can be taken, this product or service product should be abandoned.
  • Risk level should be reduced by taking necessary precautions
  • Because of the cost, sometimes risk is neglected and risky
  • In some cases, the risk is compensated by insurance.

What is ISO 31000 Risk Management System?

The objective of risk analysis and risk management studies is to prepare procedures and make the necessary audits to reduce the likelihood and impact of various threats in order not to interrupt the activities of the enterprise and to endanger the safety of life and property for the enterprise.

Risk management studies are carried out in order to determine which risks the enterprise faces, to analyze and evaluate these risks and to try to eliminate the risks with the measures to be taken or to minimize the effects of the risks. In the year 2009, the International Standards Organization (ISO) issued the ISO 31000 Enterprise Risk Management System standard to detail these systematic and logical processes and to regulate the general principles and principles of risk management.

The basic principles of the ISO 31000 standard are:

  • To manage the possible risks of the enterprises and ensure that they continue their activities without being harmed by these risks
  • Ensure consistent and repeatable risk management plans for businesses
  • Creating value for businesses
  • To gain superiority over the competitors
  • Being a part of business decision making system
  • Ensure that risk management processes are part of other business processes of the enterprise
  • Raising awareness about risk management in employees

Companies that have established and implemented the ISO 31000 standard have many advantages. For example,

  • Risks are predefined and which risks are managed when and in what way
  • Businesses identify events that may pose risks
  • In case the potential risks occur, the losses to the entity are calculated in advance.
  • Necessary measures are taken in order to prevent the risk to occur
  • Acceptable values ​​are predetermined for risks that can be avoided
  • It is already known what to do if risks occur
  • In this case, appropriate sources are identified to eliminate the effects of risk.
  • Risk management processes and implementation instructions are prepared in advance
  • All employees are informed on how to manage the risk.

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The firm, which provides auditing, supervision and certification services to internationally recognized standards, also provides periodic inspection, testing and control services.

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