ISO 31000:2018 Certification – Risk Management System | Accredify Global

Evolution of ISO 31000:2018 Certification

ISO 31000 was first published in 2009 and revised in 2018 to provide a comprehensive risk management framework. The standard evolved as businesses increasingly faced complex risks in areas like finance, cybersecurity, supply chain, and regulatory compliance.

With over 60% of global businesses experiencing financial losses due to unmanaged risks, ISO 31000 helps organizations build a proactive risk culture, minimize uncertainties, and improve decision-making.

What is ISO 31000:2018 - Risk Management System?

ISO 31000 is the international standard for risk management, providing a structured approach to identifying, analyzing, and mitigating risks. It helps businesses:

• Enhance decision-making with a structured risk framework.
• Improve regulatory compliance & reduce legal risks.
• Strengthen business resilience & financial stability.
• Reduce operational risks by up to 40%.

Who Needs ISO 31000:2018 Certification?

ISO 31000 applies to organizations of all sizes and industries, particularly:

• Financial institutions & insurance companies.
• IT & cybersecurity firms.
• Manufacturing & supply chain organizations.
• Healthcare & pharmaceutical companies
• Government agencies & public services.
• Energy, oil & gas, and construction firms.

Importance of ISO 31000:2018 Certification

With over 45% of business failures linked to inadequate risk management, ISO 31000 provides:

• 30% improvement in risk mitigation strategies.
• 50% reduction in operational disruptions.
• Better regulatory compliance & corporate governance.
• Increased investor confidence & financial stability.

ISO 31000 and Its Major Aspects in Business

ISO 31000 focuses on identifying, assessing, and mitigating risks in:

• Financial & market risks.
• Operational & supply chain risks.
• Regulatory compliance & legal risks.
• Cybersecurity threats & IT vulnerabilities.
• Environmental & sustainability risks.

The Principles of ISO 31000 Certification

The principles of ISO 31000 include:

• Risk Integration – Embedding risk management into business strategy.
• Structured & Customizable Approach – Tailoring risk frameworks to organizational needs.
• Proactive Risk Identification – Detecting threats before they impact operations.
• Continuous Monitoring – Regularly updating risk assessments.
• Stakeholder Engagement – Ensuring risk transparency across teams.

Checklist for ISO 31000 Certification

1. Establish a risk management framework
2. Conduct a comprehensive risk assessment
3. Define risk mitigation strategies & contingency plans
4. Implement risk monitoring & reporting systems
5. Ensure compliance with industry regulations
6. Maintain records and documentation

Is ISO 31000 Certification mandatory or a legal requirement?

ISO 31000 is not legally required, but it is often necessary for:

• Regulatory compliance in finance & banking sectors.
• Risk-based decision-making in corporate governance.
• Securing contracts & investor trust in risk-sensitive industries.