ISO CONSULTANCY
Enterprise Risk Management – ISO 31000, Development & Implementation Projects
IPTC is developing and implementing ISO 31000 in the following companies:
► Tamimi Energy Holding (TE)
► Ali A. A-Tamimi for Trading and Contracting Co. (TCO)
► Saudi Arabian Sensing Solutions Company LTD. (SASSCO)
► Gulf Power Distribution Systems Co. (GPDS)
► Tamimi Filters Factory (TFF)
ISO 31000 is an international standard for risk management developed by the International Organization for Standardization (ISO). It provides guidelines and principles for managing risks effectively within organizations of all types and sizes, including public and private sectors, non-profit organizations, and government agencies.
Here are some key aspects of ISO 31000 Enterprise Risk Management (ERM):
Framework: ISO 31000 provides a framework for organizations to establish a systematic and structured approach to risk management. This framework is designed to help organizations identify, assess, treat, and monitor risks in a coherent manner.
Principles: The standard outlines a set of principles that underpin effective risk management. These principles include integrating risk management into organizational processes, tailoring risk management to the organization, and continually improving the risk management framework and process.
Process: ISO 31000 defines a risk management process consisting of several steps: establishing the context, identifying risks, analyzing risks, evaluating risks, treating risks, monitoring and reviewing risks, and communicating and consulting about risks. This process is iterative and dynamic, allowing organizations to adapt to changes in their internal and external environments.
Risk Identification: The standard emphasizes the importance of identifying risks comprehensively, considering both internal and external sources of risk. Risk identification techniques may include brainstorming sessions, risk workshops, risk registers, and environmental scanning.
Risk Assessment: ISO 31000 provides guidance on assessing risks by evaluating their likelihood and potential impact on organizational objectives. Risk assessment methods may vary depending on the nature of the risks and the organization's capabilities, but commonly include qualitative, quantitative, and semi-quantitative approaches.
Risk Treatment: Once risks are identified and assessed, organizations need to determine how to respond to them. ISO 31000 encourages organizations to consider various risk treatment options, including avoiding, transferring, mitigating, or accepting risks. The choice of risk treatment should be aligned with the organization's risk appetite and tolerance.
Monitoring and Reviewing: Effective risk management requires ongoing monitoring and review of the risk landscape. ISO 31000 recommends establishing mechanisms to track changes in risks, evaluating the effectiveness of risk treatments, and reviewing the overall performance of the risk management process.