ISO 31000 Enterprise Risk Management System

ISO 31000 Enterprise Risk Management System


Fluctuations in the economy, fluctuations, political and financial crises negatively affect all commercial institutions or organizations, large or small, from any sector. In addition, every organization has goals and a vision. In addition, many activities of an organization contain risks. Organizations identify and analyze the risks they may face, analyze them, evaluate and manage whether they will change the risk by making risk ratings.

Due to frequent crises in the global market, organizations have to manage their risks in a disciplined and systematic manner in order to sustain and secure their existence. For this purpose, the International Standards Organization published the ISO 2009 Enterprise Risk Management standard in 31000.

ISO 31000 is the international standard for risk management. This standard provides comprehensive guidelines and guidelines to assist companies in risk analysis and risk assessment. While all organizations manage risk to some degree, this standard establishes a number of principles that must be met to enable risk management.

This standard recommends that organizations develop, implement and continuously improve a framework for integrating the process of risk management in line with the overall management, strategy and planning, management, reporting processes, policies, values ​​and culture. The general approach described in this standard provides principles and general guidelines for managing risks of any character in a systematic, transparent and reliable manner, within scope and content. 

Institutions and organizations integrating risk management system provide information based on the data in order to prevent or reduce the risks, analyze this information and choose among the alternative risk management options. As a result of these studies, risks and their possible effects on the organization are revealed. Risk factors and weak linkages are identified. Information is provided to the decision-making levels.

After determining the risk issues for which the probability of the company is predicted and the risk issues faced before, they are put in priority for the company and a method for managing the risk is determined. In some cases, it may not be possible to completely eliminate the risk. In these cases, the acceptable limits of risk are determined and a link is established between risks and uncertainties.

ISO 31000 Enterprise Risk Management System standards are designed to accurately and effectively manage risks for the activities of all public and private organizations, large or small. The risk management strategies to be established through these standards can be applied to manage all kinds of risks that the company may face.

ISO 31000 standards allow for systematic assessment of the operational risks it carries, to provide an acceptable assurance for organizations to achieve their goals. In this way, the effects of possible damages are minimized. In order to do this, the organization has to use all kinds of information, analyze and make decisions.

The benefits of enterprise risk management can be listed as follows

Foresees the difficult situations in the future,
Prevention is ensured before risks arise,
Surprises and losses are minimized,
Helps to make quick and effective decisions,
Saves time,
Prevents welding waste,
Ensures that risks are kept at reasonable levels,
Business continuity is ensured,
Increases the likelihood of achieving targets,
Encourages proactive management,
Be aware of the need to identify and address risk throughout the organization,
Provides analysis of opportunities and threats,
Helps to comply with relevant legal and regulatory requirements and international norms,
Helps improve stakeholder trust and trust,
Provides a reliable basis for decision-making and planning,
Facilitates the efficient allocation and use of resources to address risk,
Provides operational efficiency and increases efficiency,
Improves prevention and case management,
Creates a sense of responsibility within the company,
Creates awareness among employees about risk,
Provides competitive advantage to the company,
It increases the brand value of the company.

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