The NZS ISO 31000:2009 standard provides principles and generic guidelines for risk management. It is intended to be used by organizations of all types and sizes, regardless of their industry or sector. The standard can be applied throughout the life of an organization and to a wide range of activities, including strategies and decisions, operations, processes, functions, projects, products, services, and assets.
Key Facts
- Integration into organizational processes: The standard recommends that organizations should have a framework that integrates the process for managing risk into the organization’s overall governance, strategy and planning, management, reporting processes, policies, values, and culture.
- Applicability: AS/NZS ISO 31000:2009 can be used by any public, private, or community enterprise, association, group, or individual. It is not specific to any industry or sector.
- Scope: The standard can be applied throughout the life of an organization and to a wide range of activities, including strategies and decisions, operations, processes, functions, projects, products, services, and assets.
- Nature of risks: It can be applied to any type of risk, regardless of whether it has positive or negative consequences.
- Customization: While ISO 31000:2009 provides generic guidelines, it acknowledges that the design and implementation of risk management plans and frameworks should consider the specific needs, objectives, context, structure, operations, processes, functions, projects, products, services, or assets of a particular organization.
- Harmonization with other standards: ISO 31000:2009 is intended to be utilized to harmonize risk management processes in existing and future standards. It provides a common approach in support of standards dealing with specific risks and sectors, without replacing those standards.
Key Features of NZS ISO 31000 2009
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- Integration into Organizational ProcessesThe standard emphasizes the importance of integrating risk management into all aspects of an organization’s operations. This includes governance, strategy, planning, management, reporting, policies, values, and culture.
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- ApplicabilityThe standard is designed to be applicable to any type of organization, regardless of its size, industry, or sector. It can also be applied to any type of risk, regardless of whether it is positive or negative.
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- CustomizationThe standard recognizes that each organization is unique and that its risk management framework should be tailored to its specific needs and circumstances. The standard provides guidance on how to customize the risk management framework to meet the specific needs of an organization.
- Harmonization with Other StandardsThe standard is intended to be used in conjunction with other risk management standards. It provides a common approach to risk management that can be used to harmonize the risk management processes of different organizations.
Benefits of Using NZS ISO 31000 2009
There are many benefits to using the NZS ISO 31000:2009 standard for risk management. These benefits include:
- Improved risk management practices
- Enhanced decision-making
- Increased efficiency and effectiveness
- Reduced costs
- Improved stakeholder confidence
- Enhanced reputation
Conclusion
The NZS ISO 31000:2009 standard is a valuable resource for organizations of all types and sizes. It provides a comprehensive framework for risk management that can help organizations to improve their risk management practices, enhance decision-making, increase efficiency and effectiveness, reduce costs, improve stakeholder confidence, and enhance their reputation.
References
- ISO – ISO 31000:2009 – Risk management — Principles and guidelines
- ISO 31000 — Risk management
- AS/NZS ISO 31000:2009
FAQs
What is the purpose of the NZS ISO 31000:2009 standard?
The purpose of the NZS ISO 31000:2009 standard is to provide principles and generic guidelines for risk management that can be used by organizations of all types and sizes, regardless of their industry or sector.
What are the key features of the NZS ISO 31000:2009 standard?
Key features of the NZS ISO 31000:2009 standard include its emphasis on integrating risk management into all aspects of an organization’s operations, its applicability to any type of organization or risk, its customization to meet the specific needs of an organization, and its harmonization with other risk management standards.
What are the benefits of using the NZS ISO 31000:2009 standard?
Benefits of using the NZS ISO 31000:2009 standard include improved risk management practices, enhanced decision-making, increased efficiency and effectiveness, reduced costs, improved stakeholder confidence, and enhanced reputation.
Who can use the NZS ISO 31000:2009 standard?
The NZS ISO 31000:2009 standard can be used by any organization, regardless of its size, industry, or sector. It is also applicable to any type of risk, regardless of whether it is positive or negative.
How can the NZS ISO 31000:2009 standard be customized to meet the specific needs of an organization?
The NZS ISO 31000:2009 standard provides guidance on how to customize the risk management framework to meet the specific needs of an organization. This includes considering the organization’s unique context, objectives, structure, operations, processes, functions, projects, products, services, or assets.
How does the NZS ISO 31000:2009 standard harmonize with other risk management standards?
The NZS ISO 31000:2009 standard is intended to be used in conjunction with other risk management standards. It provides a common approach to risk management that can be used to harmonize the risk management processes of different organizations.
What are some examples of how the NZS ISO 31000:2009 standard can be used in practice?
The NZS ISO 31000:2009 standard can be used in a variety of ways, including:
- Developing a risk management framework
- Identifying and assessing risks
- Developing and implementing risk treatment plans
- Monitoring and reviewing risk management performance
- Reporting on risk management activities