Applying the latest version of ISO 31000 helps the organization achieve the required compliance and obtain ISO 31000 certification. In addition, implementing the terms and principles of the latest version of the standard enhances the organization’s ability to handle the potential risks with better strategies.
What is ISO 31000 risk management?
ISO 31000 is the international standard for risk management issued by the International Organization for Standardization. It provides general principles and guidelines to help organizations identify, analyze, assess, and deal with risks systematically. This standard can be applied to any type or size of organization, regardless of its sector.
What is the ISO 31000 latest version?
ISO 31000 latest version is the ISO 31000:2018 specification. This version of the ISO standard for risk management was last reviewed and confirmed in 2023, which indicates that it will remain up-to-date for the next five years. It is worth noting that the 2018 version was an important update to the previous version, especially as it focused on simplifying the standard to be perfectly compatible with organizations of all sizes.
Explore More: ISO 31000 2009 risk management principles and guidelines
Key updates in the ISO 31000 latest version
The ISO 31000:2018 comes with main changes over the last version, including:
- Providing a simpler, more concise, and clearer guide.
- Focusing on the role of leadership, employee engagement, and integrating a risk management system into all organizational activities.
- Also focusing on an open systems model for exchanging feedback with its environment.
How to apply ISO 31000 latest version
Certainly, understanding and implementing the latest version of ISO 31000 requires the assistance of specialized ISO experts to ensure proper compliance. The role of ISO experts is as follows:
- A comprehensive study and analysis of the organization, defining the scope of the standard’s application, and identifying all potential risks within the organization.
- Analyzing potential risks and assessing their likelihood and potential consequences.
- Developing the appropriate strategy to address each type of risk according to its severity, whether by developing a strategy to avoid it, reduce it, transfer it to another party, or accept it.
- After completing the study, analysis, and evaluation of risks, a risk management system for the organization must be designed that is compatible with the provisions of ISO 31000 latest version, and helps the organization to manage its potential risks at the same time.
- Implementing a risk management system in the organization must involve everyone, whether management or all employees, under the supervision of ISO experts, with the necessity of documenting all stages and programs of implementation.
- Measuring performance indicators to assess the impact of implementing the system on risk management within the organization, along with conducting a comprehensive internal audit to eliminate any shortcomings in the application of the standard.
- Then, an external audit was requested by an accredited external certification body to conduct a final audit, and based on the results of this audit, approval was granted to award the ISO 31000:2018 certificate to the organization.
- After obtaining the certificate, it is necessary to continue improving the organization’s risk management system to be able to face any new risks that it may encounter in the future.
Explore More: ISO 31000 Risk Management Process
When is the ISO 31000 certificate renewed?
In fact, ISO certification renewal has specific rules unrelated to the version of the ISO standard.
For example, any update to the ISO specifications is valid for five years, after which new updates are implemented to address the new challenges.
On the other hand, obtaining an ISO 31000 certificate according to the latest version at that time gives the organization a validity period of 3 years with annual audits, and it must renew the certificate with a new external audit after the end of the 3 years, which begins from the date of issuance of the certificate without any other considerations.
Explore More: ISO 31000 Risk Management Consultant 2026
What is the cost of implementing ISO 31000:2018?
The cost of obtaining an ISO certificate for an organization, from the initial study to obtaining the certificate and even after obtaining the certificate, varies very significantly from one organization to another based on its size, location, field, complexity of operations, the professionalism and experience of the ISO auditors and consultants, the awarding body, and other factors.
However, some statistics indicate that the total cost may start from 15 to 60 thousand Saudi Riyals and may reach more than 100 thousand Saudi Riyals in the case of large companies, and these values are, surely, subject to change all the time.
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FAQs about ISO 31000 latest version
1. What is the difference between ISO 31000 2009 and 2018?
The main difference is in leadership and commitment, as the 2009 standard was limited to defining an administrative framework for risk commitment, while clause 5.2 of ISO 31000:2018 emphasizes the responsibility of senior management in risk management, and assigns to regulatory bodies the responsibility of supervising the implementation of the risk management system.
2. What are the three components of the ISO 31000:2018 standard?
The main 3 components of the ISO 31000:2018 standard include: The principles, the framework, and the risk management processes.
3. What is the difference between ISO 27001 and 31000?
ISO 27001 focuses on managing information security and related risks, while ISO 31000 focuses on managing all risks comprehensively within the organization.
