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Organizations of all types and sizes are facing a range of risks that can affect the achievement of their objectives. These objectives can relate to a range of the organization's activities, from strategic initiatives to its operations, processes and projects, and be reflected in terms of strategic, operational, financial and reputational outcomes and impacts.
All activities of an organization involve risks. Risk management aids decision making by taking account of uncertainty and its effect on achieving objectives and assessing the need for any actions.
Organizations of all types and sizes are facing a range of risks that can affect the achievement of their objectives. These objectives can relate to a range of the organization's activities, from strategic initiatives to its operations, processes and projects, and be reflected in terms of strategic, operational, financial and reputational outcomes and impacts.
All activities of an organization involve risks. Risk management aids decision making by taking account of uncertainty and its effect on achieving objectives and assessing the need for any actions.
The ISO 31000 Standard offers generic orientations for risk management. ISO 31000 sets out principles, a framework, and a process for the management of all forms of risk, including safety and environment, in all organizations, regardless of size. It does not mandate a one-size-fits-all approach, but emphasizes tailoring the principles and guidelines to the specific needs and structure of the organization.
The risk management process contained in ISO 31000 follows the well worn lead set by the Australian and New Zealand standard AS/NZS 4360, which consists of:
- Communication and consultation
- Establishing the context
- Risk assessment consisting of the three steps of identification, analysis and evaluation
- Risk treatment
- Monitoring and review
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Benefits
When implemented and maintained in accordance with ISO 31000 International Standard, risk management enables an organization to, for example:
- Encourage proactive rather than reactive management
- Be aware of the need to identify and treat risk throughout the organization
- Improve identification of opportunities and threats
- Comply with relevant legal and regulatory requirements and international norms
- Improve financial reporting
- Improve corporate governance
- Improve stakeholder confidence and trust
- Establish a reliable basis for decision making and planning
- Improve controls
- Effectively allocate and use resources for risk treatment
- Improve operational effectiveness and efficiency
- Improve incident management and prevention
- Minimize loss
The application of risk management approach described in ISO 31000 International Standard helps to ensure that specifically criteria for a certain segment is identified and applied.
The Challenge
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The problems and challenges associated with the ISO 31000 Standard are directly associated with its main principles and are listed below:
- Creating value
- Being an integral part of organizational processes
- Being part of decision making
- Being systematic, structured and timely
- Being based on the best available information
- Being tailored.
- Taking human and cultural factors into account
- Being transparent and inclusive
- Being dynamic, iterative and responsive to change
- Facilitating continual improvement and enhancement of the organization
The problems and challenges associated with the ISO 31000 Standard are directly associated with its main principles and are listed below:
- Creating value
- Being an integral part of organizational processes
- Being part of decision making
- Being systematic, structured and timely
- Being based on the best available information
- Being tailored.
- Taking human and cultural factors into account
- Being transparent and inclusive
- Being dynamic, iterative and responsive to change
- Facilitating continual improvement and enhancement of the organization
The greatest challenge faced by ISO 31000 lied in establishing a common terminology, as well as standardizing best practices and frameworks so that organizations could implement risk management practices in their processes.
The SoftExpert Excellence Suite offers tools for the complete management of the organization’s risks in compliance with the ISO 31000 International Standard while also meeting the specific needs of each application. All of this in a collaborative and integrated environment that guarantees the standardization and correct use of information to obtain excellence in risk management.
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SoftExpert Excellence Suite ensures compliance with many regulations including the ISO 31000. The solution allows companies to increase efficiency for quality processes, minimize the high costs of compliance, and quickly bring new products to market.
Each SoftExpert module addresses key compliance issues as shown below:
| Module |
IS0 31000 Requirements |
SE Document |
- Maintains the documentation generated during the ISO 31000 process – including risk management policy – secure and centralized so that it can be accessed by users and auditors practically anywhere.
- Automates forwarding, revision and approval, among other activities, boosting the team’s efficiency.
- Allows changes to be easily traced.
- Provides external auditors the means to recover and locate documents easily and quickly, saving time.
- Guarantees that the history of conformities, revisions, etc., is always available.
- Guarantees that only the latest version of the document is used, avoiding the use of obsolete documents.
|
SE Process |
- Guarantees that the processes that will undergo risk evaluation are defined, planned and documented.
- Guarantees that the processes are monitored and controlled.
- Guarantees traceability.
|
SE Risk |
- Manages business and operational risks.
- Facilitates the identification of process, project, product and asset risks, among others.
- Allows the elaboration of risk evaluation methods based on quantitative, qualitative and matrix criteria, providing evidence for the organization’s appetite for risk.
- Automates the application of risk evaluations.
- Facilitates the identification and evaluation of risk-related controls.
- Determines the residual evaluation risk, identifying the treatment options and their application.
- Ensures the continuous monitoring and revision of the risk management
|
SE Project |
- Guarantees that the projects to undergo risk evaluation are defined, planned and documented.
- Operationalizes the treatments applied to risks.
- Guarantees the distribution and execution of activities, managing the effort and deadline of the same.
- Guarantees that the history of each project is always available.
- Allows the evaluation of the implemented project and full communication with stakeholders.
|
SE Action Plan |
- Helps organizations effectively coordinate and manage the entire workflow by maintaining team communication and improving collaboration through the centralized control of action plan and task planning, execution and monitoring, including corrective, preventive or predictive actions.
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SE Audit |
- Programs audits, taking into consideration the scope, status and importance of the processes and/or areas to be audited.
- Defines criteria, methods, responsibilities and requirements to be audited.
|
SE BI |
- Provides status with standard one-click reports.
- Creates custom reports.
- Helps identify, collect and analyze appropriate data to demonstrate the suitability and effectiveness of the management system.
|
SE Portfolio |
- Guarantees that the projects to undergo risk evaluation are defined, planned and documented.
- Operationalizes the treatments applied to risks.
- Guarantees the distribution and execution of activities, managing the effort and deadline of the same.
- Guarantees that the history of each project is always available.
- Allows the evaluation of the implemented project and full communication with stakeholders.
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