ISO 31000:2018 - Risk Management Systems

What is ISO 31000:2018?

ISO 31000 is an international standard for Risk Management that provides guidelines on managing risk faced by any organization and specifies a common approach to manage any type of risk and also provides a common approach to managing any type of risk and is not industry or sector specific.

The current version of ISO 31000:2018 was released in Feb 2018.

The ISO 31000 improves operational efficiency, governance, and stakeholder confidence in your organization, while minimizing losses and enhancing risk analysis, risk assessment and risk treatment strategies. ISO 31000 can be used throughout the life of the organization and can be applied to any activity, including decision-making at all levels.

ISO 31000 helps organization to integrate a risk-based decision-making in the DNA of their organization.

Benefits of ISO 31000:2018 Compliance

ISO 31000 helps organizations to evaluate their potential risks on regular basis which in turn brings many benefits where some benefits are mentioned below:
  • Continues Risk Evaluation
  • Increased Customer Satisfaction
  • Gain Competitive Advantage
  • New Controls Identification
  • Increased Focus on Risks
  • Greater Compliance
  • Reduce Cost
  • Increased Productivity
  • International Recognition

Journey to ISO 31000:2018 Compliance

ISO 31000 Certification is a 3rd party audit performed by MQA, during the audit we will verify that your organization is following the requirements of ISO 31000, if received positive results then we will issue an ISO 31000 certificate. This certification is then maintained through annual surveillance audits by MQA, with re-certification of the ISO 31000 Certification after three years. See below cycle to know how you can get started on the road to certification:

MQA Certification Cycle

Year 1
Step 1.1 (Initial Application)
  • Client request a quotation.
  • MQA will assess Client’s requirements.
  • MQA will share proposal with client.
  • Client signed the 3-year Certification Contract with MQA.
Step 1.2 (Certification Audit)
  • MQA will conduct:
    1. Gap Assessment (Readiness Review)
    2. Stage-1 Audit (Documentation Review)
    3. Stage-2 Audit (Implementation Review)
  • MQA Auditor will share the audit reports to MQA’s Certification Decision Committee.
Step 1.3 (Certificate Management)
  • If certification decision is positive, then certificate is issued by MQA.
  • If certification decision is negative, then verification audit is planned by MQA.
  • Client will receive the MQA Portal access to:
    1. View the Audit Reports.
    2. Download the ISO Certificate.
    3. Review & Respond to Audit Findings, etc.
Year 2 & 3
Step 2.1 (Renewal Request)
  • MQA request for renewal.
  • Client agreed for Surveillance Audit.
Step 2.2 (Surveillance Audit)
  • MQA will conduct Surveillance Audit
  • MQA Auditor will share the audit reports to MQA’s Certificate Decision Committee.
Step 2.3 (Certificate Management)
  • If no critical non-conformity found, then certificate is renewed by MQA.
  • If any critical nonconformity found, then verification audit is planned by MQA.
  • Client have the MQA Portal access to:
    1. View the Audit Reports.
    2. Download the ISO Certificate.
    3. Review & Respond to Audit Findings, etc.

MQA help you to certify your organization to ISO 31000:2018.

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