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

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.

Services

ISO 9001:2015 –Quality Management (QMS) ISO 14001:2015 –Environmental Management(EMS) ISO/IEC 27001:2022 –Information Security Management (ISMS) ISO/IEC 20000-1:2018 –IT Service Management (ITSM) ISO/IEC 42001:2023 –Artificial Intelligence Management ISO/IEC 27701:2019 –Privacy Information Management (PIMS) ISO 45001:2018 –Occupational Health & Safety (OHS) ISO 22000:2018 –Food Safety Management (FSMS) ISO 50001:2018 –Energy Management (EnMS) ISO CEN/TS 16555-1:2013 - Innovation CE Marking & Product Certification HACCP (Codex 2023) – Hazard Analysis and Critical Control Points GMP (Updated 2023) – Good Manufacturing Practice Inspection and Testing General Data Protection Regulation (GDPR) Human Health Care HIPAA Compliance Certification Health Information Trust Alliance (HITRUST) System and Organization Controls (SOC) CMMI (Capability Maturity Model Integration) Vulnerability Assessment and Penetration Testing (VAPT) Payment Card Industry Data Security Standard (PCI DSS) Cyber Security Service

Benefits of ISO 31000 Certification

40% reduction in financial & operational risks.

Stronger compliance with global regulations.

Higher business resilience against disruptions.

Enhanced reputation & investor confidence.

Improved strategic decision-making & risk assessment.


Requirements of ISO 31000 Certification

Develop a risk management policy & strategy.

Implement risk identification & analysis procedures.

Define risk mitigation & contingency planning frameworks.

Train employees on risk management best practices.

Conduct regular risk audits & continuous improvements.


Cost of ISO 31000 Certification

The cost of ISO 31000 certification varies depending on the size and complexity of the organization. However, the investment can lead to significant energy cost savings and improved energy efficiency.

On average, ISO 31000 certification costs range from $8,000 to $30,000, including auditing and consultation fees.


PDCA Cycle | Accredify Global

  • Plan – to think that what do we need to achieve in our organization
  • Do – to execute a planned action which will help us achieve the required objective
  • Check – monitor against the standards) (policies, objectives, requirements)
  • Action – finally implementing what has been rechecked.

ISO CERTIFICATION. 3 STEPS. 30 DAYS. DONE !! | ACCREDIFY GLOBAL

Accredify Global, we follow a structured and transparent ISO certification process to help businesses achieve international compliance efficiently. Our streamlined approach ensures a hassle-free experience from initial consultation to final certification..

1. Plan & Gap Analysis

  • Objective: Identify gaps between your current practices and the ISO standard requirements.Assess your management system's compliance with the requirements of the applicable standard.
  • Actions:
    • Conduct a thorough review of your current processes and systems with the help of Accredify Global's experienced auditors.
    • Compare your existing practices with the ISO standard requirements.
    • Identify areas of non-compliance and create a detailed action plan to address them.
  • Outcome: A comprehensive gap analysis report and a tailored action plan to achieve compliance.

2. Implementation

  • Objective: Implement the necessary changes to meet the ISO standard requirements.
  • Actions:
    • Develop and document policies and procedures to address the identified gaps with guidance from Accredify Global's experts.
    • Train employees on the new processes and ensure they understand their roles in the ISO implementation.
    • Implement the new practices and monitor their effectiveness to ensure they align with ISO standards.
  • Outcome: A fully implemented management system that meets the ISO standard requirements, supported by ongoing training and expert advice from Accredify Global.

3. Audit Review & Certification

  • Objective: Validate your management system through an external audit and achieve certification.
  • Actions:
    • Conduct an internal audit to ensure readiness for the certification audit, utilizing Accredify Global's auditing tools and resources.
    • Schedule and undergo an external audit with Accredify Global's accredited certification body.
    • Address any non-conformities identified during the audit with support from Accredify Global's consultants.
  • Outcome: Successful certification and ongoing compliance with the ISO standard, with continuous support and guidance from Accredify Global.