ISO 31000:2018 - Enterprise Risk Management Framework for Risk Leaders

Description

This ISO 31000:2018 free online course empowers our learners to attain the expertise to support and lead an organization and its team to robustly identify, comprehend and manage a risk process based on ISO 31000. During this online training course, learners will also acquire comprehensive knowledge of the best practices utilized to implement a Risk Management framework that offers the starting point for designing, implementing, monitoring, reviewing, and continually enhancing its risk management process. ISO 31000 is the international standard for risk management framework for enterprises and corporations. ISO updated the standard in 2018 and made it more compatible with its requirements and the latest trend.

This course on ISO 31000 and risk management is an exclusive endeavor to present the international standard's complex guidelines in unique, simple, plain language with graphical illustration and appealing presentation. The course begins with the introduction of the ISO 31000 standard and the scope of its implementation. It also highlights other important publications of ISO and IEC on risk management and risk assessment. The course enlightens the learners on important terms and definitions stated in ISO 31000:2018 with its interactive explanation. Some of the terms include risk, consequence, control, event, likelihood, among others. The course then elaborates on other important terminologies of risk management which are listed in ISO Guide 73:2009. With the extensive presentation of these terminologies, learners will have an edge to understand the risk management framework from its foundation. Technical terms used in ISO 31000 (without their explanation and meaning) leave readers in a difficult situation to understand the ISO 31000:2018 standard. Therefore, the course is built and designed uniquely to incorporate the basic terms from ISO Guide 73 to make it easier for our learners to understand the complete ISO 31000 standard with all its clauses.

The course covers risk management principles as expressed in ISO 31000 in a brief and simple explanation. The principles guide organizations to have a risk management system with some important considerations. Without these principles, organizations implementing the system will not produce desired results. Risk management systems need to be integrated and structured with organizational arrangements. The system should be comprehensive and is customized and tailored as per the organization’s requirements. Also, the organization should consider all stakeholders’ inclusion within the formation of the system. The system has to be dynamic and based on the latest information, considering the human and cultural factors. The system should have the provision for continual improvement. The course then unveils Risk Management Framework as proposed by the ISO 31000:2018 international standard. Leadership and commitment are the important elements of the framework. The course provides recommendations for leadership to have a policy statement on risk management. The leadership should also allocate necessary resources for effective implementation. Top management should also define roles and responsibilities for establishing the framework, among many other recommendations discussed in the course. The course highlights that the framework should be properly designed with a provision for its evaluation and improvement.
The course enlightens learners on the process of risk management as per the ISO 31000:2018 standard. Once the framework has been implemented, organizations can move towards risk management at different levels. Communication and consultation is one important part of the risk management process. The purpose of communication and consultation is risk comprehension and to build inclusiveness within the team. In the risk management process, scope identification is also a recommendation. The objective of scope definition is to identify the premise of the risk management process application and consider how the process is implemented to customize it based on the stakeholders’ needs. The process should also have some risk criteria. Risk criteria are the key to the risk assessment process, and it helps to decide after risk evaluation. Risk identification, risk analysis, and risk evaluation are part of the risk assessment process. After risk evaluation, the organization has to select a decision about risk treatment options; the course expresses many recommendations within that as well. Treatment should not be an isolated process; instead, continual monitoring and review ensure effectiveness. The outcomes of the risk management process have to be reported and recorded. The free online course on ISO 31000 will be a great game changer to spread risk management awareness.  So why wait? Start this course today!