ISO 31000 standard is focused on managing risks which can have consequences relating to economic performance, professional reputation, environmental, safety and societal outcomes. Managing those risks effectively will help the organization to perform well in an environment full of uncertainty.

Just like other standards, the ISO 31000 gets updated once every couple of years making the ISO 31000:2018 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.