An Overview of ISO 31000: The Risk Management Standard

Managing cybersecurity risk is not as simple as it sounds. You’ll often hear terms like “avoid,” “mitigate,” or “transfer,” but when you dig deeper, you realize these are broad strategies. The real challenge is translating them into actionable steps that measurably reduce risk.

What does it mean to “avoid” risk? Is it simply removing a risky process from the scope of a project? And how exactly do you “mitigate” risk beyond setting aside some reserves? Many organizations struggle here because they lack a systematic framework to manage risks.

ISO 31000 solves this by offering a structured, internationally recognized approach to risk management. It outlines identifying risks, assessing their likelihood and impact, evaluating treatment options, and monitoring them. 

Instead of relying on reactive measures, it provides a proactive process to manage uncertainty and protect your organization from potential disruptions.

Now, let’s take a closer look at the ISO 31000 risk management process and what steps you need to implement it effectively.

What is ISO 31000?

ISO 31000 is an internationally recognized standard defining best risk management practices. It provides a structured framework to help organizations systematically identify, assess, and address risks that could impact their objectives.

The standard is divided into 3 sections:

1. Principles
2. Framework
3. Process

Purpose of ISO 31000

ISO 31000 provides a solid framework for managing risks effectively for any organization, whether a tech company, a government body, or even a local community. 

It doesn’t matter what industry you’re in or what specific risks you’re dealing with. ISO 31000 is built to be adaptable, making it useful for everyone, no matter the size or type of operation.

The standard helps you follow a rigid checklist and integrates risk management into your day-to-day operations and decision-making. 

See what Marlyse McQuillen has to say about risks in the age of AI: