ISO 31000 provides a comprehensive framework for risk management, offering guidelines that help organizations identify, assess, and mitigate risks to improve decision-making and achieve strategic objectives. This procedure outlines the steps taken during consultancy engagements for implementing ISO 31000 standards, ensuring an organized and systematic approach to risk management across all aspects of the organization. The goal is to guide the organization towards a risk-aware culture and enhance resilience in decision-making.
Below is a summary table of the ISO 31000 consultancy procedure:
| Step No. | Procedure Step | Description | Responsible Parties | Deliverables | Timeline |
|---|---|---|---|---|---|
| 1 | Initial Consultation | Understand the client's needs, objectives, and risk context. | Consultant, Client | Consultation report | 1 week |
| 2 | Risk Management Framework Design | Develop a tailored risk management framework based on ISO 31000. | Consultant | Framework design | 2 weeks |
| 3 | Risk Identification | Identify potential risks and opportunities within the organization. | Consultant, Client | Risk register | 2 weeks |
| 4 | Risk Assessment | Evaluate the risks based on likelihood and impact. | Consultant | Risk assessment report | 3 weeks |
| 5 | Risk Treatment | Develop strategies to mitigate, transfer, or accept risks. | Consultant, Client | Risk treatment plan | 4 weeks |
| 6 | Monitoring and Review | Establish a system to monitor risks and review management efforts. | Consultant, Client | Monitoring system and review plan | Ongoing |
| 7 | Continuous Improvement | Provide recommendations for improving risk management processes. | Consultant | Improvement report | Ongoing |
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