Apply ISO 31000: 2018 – risk management for businesses

Applying ISO 31000:2018 is an action in the National Program to improve productivity of products and goods for businesses by 2020 (Decision 712 / QD-TTg) with the mission of “Scaling up and applying ISO 3100: 2018 standards for mechanical engineering enterprises; power electronics; agricultural production, food processing”.

Just like other standards, the ISO 31000 gets updated once every couple of years making the ISO 31000:2018 (year 2018) the most recent one. It describes guidelines and provides principles, a framework and the process for managing risk. As it is a standard it can be used in organizations regardless of their size, activity or industry. Using ISO 31000 can help organizations increase the likelihood of achieving objectives, improve the identification of opportunities and threats and effectively allocate and use resources for risk treatment.

By the end of September 2019, the Center for Information – Communications, Standards, Metrology and Quality has just held a Workshop on sharing experiences on the application of risk management system according to ISO 31000: 2018 for Vietnamese enterprises in Southern region.

Mr. Bui Xuan Phong – Expert of Quality and Quality of General Department of Quality Assurance, said that the risk will affect businesses, resulting in economic efficiency, environment and social safety. Therefore, effective risk management will help businesses work better in today’s volatile environment.

Integrating risk management into the company’s operational process is essential, helping management to understand the range of risks that the company is facing. Risk management needs to follow the actual situation of each business. From there, there will be the right judgments and directions that are really suitable for the business.

Integrating risk management into the company’s operational process is essential, helping managers to understand the range of risks that the company is facing. Risk management needs to follow the actual situation of each business. From there, there will be the right judgments and directions that are really suitable for the business.

The application of ISO 31000: 2018 will provide clear and concise guidelines to help businesses use risk management principles to improve planning and decision making. As a result, focus on more in-depth issues such as reviewing risk management principles, focusing on leadership.

In a volatile modern economy, the success of enterprises is always accompanied by difficulties and challenges, and risks in production and business activities, or risks in technology, risks. health risks, labor safety, … All of these risks affect the overall operation of the business. Therefore, applying ISO 31000: 2018 is a strategic solution in managing risks for businesses, which can be applied to any risks from positive or negative; or to types of businesses, associations, communities, groups or individuals … Risk management is gradually becoming an important element in the development strategy of businesses.

Productivity and Quality Office