Strategic framework for risk management in the company.

By Global Trust Association

26 June, 2019 | 17:06hrs

Regardless of the sector or industry, no company is free from situations or events that may affect the achievement of its objectives, prevent its regular operations, or limit its performance. These situations or events –considered as threats or opportunities– must be identified, evaluated, and dealt with according to specific actions defined and implemented as part of the regular processes carried out by the company.

There is an ISO standard that establishes the general guidelines and base for defining high-level processes aimed at evaluating and mitigating risks in any area of the organization. This standard is called “ISO 31000 Risk Management – Guidelines” and provides companies with a set of integrated components based on principles, a reference framework, and general implementation processes, which can be used for any type of risk and at any type of organization since it is not limited to specific sectors or industries.

By implementing and applying the risk management framework based on the ISO 31000 standard, companies can cope with uncertainty and obtain a series of advantages and benefits both internally and externally. Furthermore, as proposed and defined, these internal advantages would also be reflected in the fulfillment of business objectives.

One of these advantages is the possibility of defining a corporate strategy for comprehensive risk management, which can lead to define corporate objectives and benefits as a result of dealing with all risks (economic and financial, occupational health and safety, technological, related to the reputation of the company, among others) identified in any area of the company. Furthermore, the definition of a corporate strategy or a risk management strategy at any level of the organization must consider the context, reality, culture and objectives of the company, as well as the human factor, as this will allow a proactive treatment of risks, an aspect that in itself represents an advantage regarding reactive management, a very used practice.

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