Damage to reputation or brand, cyber-crime, political risk and terrorism are some of the risks that private and public organisations of all types and sizes around the world must face with increasing frequency. The latest version of ISO 31000 has been unveiled to help manage the uncertainty.
Why was it revised?
All ISO standards are reviewed every five years and then revised if needed. This helps ensure they remain relevant, useful tools for the marketplace. A revised version of ISO 31000 was published in 2018 to take into account the evolution of the market and new challenges faced by business and organisations since the standard was first released in 2009. One example of this is the increased complexity of economic systems and emerging risk factors such as digital currency, both of which can present new and different types of risks to an organisation on an international scale.