No doubt that hiring experienced and skilled ISO 31000 risk management consultants will enhance any organization’s opportunity to implement the standard, prevent and manage risks professionally, and obtain this certification more quickly and easily.
What is ISO 31000?
ISO 31000 is the official and globally recognized international standard issued by the International Organization for Standardization (ISO) to help organizations implement an effective professional risk management system to analyze, identify, manage, and prevent these potential risks.
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ISO 31000 risk management consultants
ISO 31000 risk management consultants are specialized and experienced experts who help organizations implement the ISO 31000 risk management standard by identifying, assessing, and addressing potential risks, and developing an effective risk management framework. Their responsibilities include:
Analysis and Assessment
ISO consultants analyze and evaluate the organization’s current risk management situation, identifying all potential risks.
Developing a Risk Management Framework
After analyzing the risks, they develop an integrated risk management framework and design strategies that are aligned with the organization’s scope and ISO 31000.
Training on Standard Principles
iso 31000 risk management consultants also conduct training programs for employees to raise their awareness and ability to apply the principles of the risk management system.
System Implementation
Monitoring the system implementation process, besides integrating the risk management system into all organizational processes.
Documentation and Internal Audit
ISO experts and consultants must document the organization’s system implementation stages and be able to conduct a comprehensive internal audit of the organization to ensure that all requirements of the standard are met.
Review and Improvement
ISO 31000 risk management consultants must periodically review the organization’s risk management system to ensure its effectiveness, while also providing guidance and direction to update and develop it.
ISO 31000 risk management importance
The main benefits of implementing ISO 31000 are:
Professional Risk Management
Implementing ISO 31000 helps organizations accurately analyze and identify potential risks and develop mechanisms to avoid them. It also helps senior management make sound risk-avoidance decisions based on real data, not predictions.
Helps reduce losses
Certainly, implementing an effective professional risk management system, such as ISO 31000, and avoiding a significant percentage of risks, helps significantly reduce financial, material, and human losses.
Increased Stakeholder Confidence
Organizations that implement the ISO 31000 risk management system enhance the confidence of customers, investors, partners, and all stakeholders in their ability to address challenges without disrupting operations, giving them a strong competitive advantage.
Legal Compliance Confirmation
Obtaining ISO 31000 certification confirms that organizations comply with all laws and regulations governing enterprise risk management, thereby protecting them from any fines or legal penalties.
Government and International Cooperation
Implementing a risk management system within organizations is one of the key requirements set by most government and international entities for cooperation with organizations. Therefore, implementing ISO 310000 opens the way for organizations to further fruitful cooperation opportunities.
ISO 31000 Risk management Process
iso 31000 risk management consultants perform the following steps during the implementation process of the ISO 31000 standard:
- Field study of the organization, analysis, scope determination, and analysis of all types of potential risks and the chances of their occurrence.
- Develop a tailored risk management system that aligns with the principles of ISO 31000, the organization’s operations, and potential risks it may encounter.
- Implementing the system over a specific timeframe, with monitoring and documentation of all implementation phases.
- Conduct a comprehensive internal audit to ensure that all principles and requirements of the standard are fully met.
- Finally, an external audit is requested from an accredited body, and after passing this final audit, the ISO 31000 system will be certified within the organization.
The ISO 31000 system must be audited and reviewed annually to ensure that the requirements continue to be met and that there is a clear mechanism for developing and updating the system.
Explore More: What documents required for ISO certification?
Cost of iso 31000 risk management consultants
In fact, there is no fixed cost for ISO 31000 risk management consultants, especially since costs vary based on several factors such as the scope of the consultation, the consultant’s experience, the duration of implementation, the size of the organization and the complexity of the processes, and the organization’s specific application requirements.
Furthermore, the cost may be determined daily or for the entire project, keeping in mind that the services include risk identification, assessment, and mitigation strategies based on the ISO 31000 standard.
However, the average total cost of ISO 31000 and obtaining certification ranges from 15,000 to 60,000 Saudi Riyals, and sometimes may reach 100,000 Saudi Riyals or more.
Expert iso 31000 consultants with MQM
To be assured of accurately implementing all the principles and requirements of the ISO 310000 standard and to be able to pass the external audit first time, you must choose ISO 31000 risk management consultants with experience, competence, and successful business records, and this is exactly what we provide to you at Modern Quality Makers Company (MQM) in Saudi Arabia.
We have a team of senior ISO experts in Saudi Arabia and the Middle East, assisting organizations in every sector or field, starting with the initial risk analysis and ensuring they meet all the standards’ requirements and obtain certification. We also provide follow-up and post-certification system development and update mechanisms.
In addition to professionalism, efficiency, experience, and commitment to deadlines, we offer ISO consulting services at the lowest possible cost.
FAQs About ISO 31000 Risk Management Consultants
1. Which companies use ISO 31000?
All companies seek to provide a professional and effective system for analyzing and managing their risks and minimizing their negative impact on the organization as much as possible.
2. What is the ISO 31000 approach to risk management?
The ISO 31000 approach to risk management provides a specific, clear, and effective framework for studying, analyzing, identifying, and mitigating potential risks in any organization, to support its success and ability to face challenges and not hinder its progress.
3. What is the difference between ISO 31000 and ISO 27001?
ISO 31000 aims to provide an effective framework and system for analyzing, managing, avoiding, and mitigating risks within an organization as a whole, while ISO 27001 focuses only on information security risks and digital risks that can threaten data and information.
