ISO 31000: 2018: Success from the IFC model

Telecommunications Infrastructure Development Investment Joint Stock Company (IFC) operates in the field of investment, research, development and manufacture of hardware and software products applied in electronics. – Telecommunications, information technology, automation, etc. During the development process, thanks to the application of ISO 31000: 2018, the company has helped reduce risks and avoid wastefulness.

Limit risks, avoid waste

Established in 2004, IFC has 15 years of experience in investment, research, development, equipment design, solution delivery, service deployment, and maintenance. electronic meter data collection system (AMR), SCADA / EMS / DMS control monitoring system, urban lighting control system (SmartLight) and large scale system management and operation top quality in Vietnam.

Thanks to the application of ISO 31000: 2018 under the national quality productivity program (according to Decision 712); consulted by the productivity experts of the Center for Information – Communications Standards, Metrology and Quality; IFC has become a sustainable, market-leading company in automation, electronics and information technology in Vietnam. IFC has built information infrastructure and intelligent applications that contribute to the industrialization and modernization of the country in line with the trend of the industrial revolution 4.0. Support businesses and consumers at home and abroad to implement the goal of energy management, optimize resources, and connect ideas to create useful products in the value chain to serve people.

IFC has a staff of over 100 employees in 3 Regional Centers (North, Central and South) and hundreds of collaborators in the provinces and cities. In order to maintain the competitive advantage of a leader in the field of providing electronic meter data collection services (AMR) and intelligent automation and control solutions, IFC always takes research. Research and development is the core to create perfect and differentiated products and services. IFC has provided electronic meter data collection (AMR) services with the scale of hundreds of thousands of measuring points at 7 companies and Power Corporations nationwide.

For businesses that aim to use intelligent systems to manage energy and optimize resources, IFC is the perfect choice. Based on the company’s operational situation, available resources, the company’s management applies the risk management system in accordance with ISO 31000: 2018 “Supply of equipment and systems: electricity, telecommunications, information technology, control and measurement; manufacturing and supplying telecommunication terminal devices, radio equipment, PCL equipment”.

The company’s management said that thanks to the high determination in building a risk management system in accordance with ISO 31000: 2018, it helps the staff with professional skills, working in the field of Information Technology. Always approaching new issues. In the course of work, the company also often has security requirements on the basis of access to information technology risks, so the update also has many advantages. The size of the Company is small and medium, the workload involved in building the system is well controlled.

Mr. Mai Phuoc Long, Deputy Director of IFC, affirmed that ISO 31000: 2018 is an important tool to control the risks in the operation of the company. “Standards are the basis for a company to approach work based on risks and opportunities. In the future, the company will base on the resources to continue applying ISO 3100: 2018 for other activities such as quality, energy, environment, etc”- Mr. Long said.

The application of ISO 31000 and the current situation of risk management in Vietnamese enterprises, according to the Quality and Quality Expert of the General Department of Standards, Metrology, Risks that greatly affect organizations may cause consequences of economic efficiency and professional reputation, as well as on the environment and social safety. Therefore, effective risk management will help organizations operate well in uncertain environments. Risk management cannot be just a theory on paper, not just awareness to avoid facing risks. Large, unskilled businesses will turn theories of risk only theories that are separate from the real risks they face. Risk management needs to keep abreast of the company’s actual situation.

Integrating risk management into company operations is essential. This helps managers understand the range of risks that the company is facing by identifying the main risk areas, assessing the likelihood of risks. From there, there will be plans to mitigate or reverse the risks. In addition, for organizations effectively implementing ISO 31000, risk management offers advantages such as: Creating and protecting value; is an integral part of all organizational processes; be part of the decision making; Clearly, resolve uncertainty; systematic, structured and timely; based on best available and tailor-made information; Besides, bringing human and cultural factors into the company, showing transparency and comprehensiveness; the dynamic, repetitive nature, responds to change and facilitates continuous improvement of the organization.

The recently released ISO 31000: 2018 International Standard will provide clearer and more concise guidelines to help organizations use risk management principles to improve planning and make better decision.

Productivity and Quality Office