Background on ISO 31000
In November 2009, the International Organization of Standardization (ISO) released the first international risk management standard titled ISO 31000:2009 Risk Management – Principles and Guidelines. The standard provides guidance and a common platform for managing risk.
There are three broad areas of ISO31000:2009
• Risk Management Principles (11 principles for managing risk)
• Risk Management Framework (5 components to the framework for managing risk)
• Risk Management Process (5 processes for managing risk)