Updated: Feb 2, 2022
The new ISO31000 is now available. Changes from the previous version are in some ways subtle, but there are also significant differences that leaders and organisations can take advantage of, to lift quickly to a new level of risk management thinking and practice without massive change to existing risk management frameworks.
This is possible because the new ISO31000 has refined some of its risk management principles to better reflect the complexity of the risk environments most organisations face, and because of its new stress on integration. From an applied systems thinking perspective, ISO31000 now also better recognises the challenges faced when risks are complex, interrelated, or shared across multiple functions. The question now is how to use these changes for best advantage, in practical real ways and without major new investments.
Perhaps counter intuitively, true integration is not about alignment of risk work with other processes. From a systems thinking perspective, it is much more about embedding risk work within business as usual (core) work. Doing this has major advantages in reducing risk paperwork, improving risk dialogue and increasing the value from your investment of resources, time and effort in risk management.
Helping leaders to integrate and embed risk management within core business processes is what RiskIQ does best, using proven applied systems thinking methods, and tools. In coming weeks we will will post a series of articles reviewing the new standard and how to use it to lift the management of your risks into a more positive, value adding place.
Watch this space.