IT Risk Management-ISO 31000

The purpose of ISO 31000 is to provide principles and generic guidelines on risk management. The other standards that relate to risk management include ISO 31010:2009, and ISO Guide 73:2009.

  • ISO 31000: The standard addresses the entire management system that supports the design, implementation, maintenance, improvement and continuity of risk management processes.
  • ISO Guide 73:2009, Risk management – Vocabulary complements ISO 31000 by providing a collection of terms and definitions relating to the management of risk.
  • ISO/IEC 31010:2009, Risk management – Risk assessment techniques focuses on risk assessment concepts, processes and the selection of risk assessment techniques.

ISO 31004 is a structured approach to efficiently transition existing risk management practices to ISO 31000, with a dynamic outlook to adapt future changes.

IrisLogic Difference

ISO 31000 is focused on Enterprise Risk Management, and based on ISO 31000 IrisLogic have designed the technology risk management process in a simplified and integrated way to manage IT operational risks, process risks, and technical risks. The adopting ISO 31000 for technology risk management provides principles and a process for managing risk but mainly it provides required framework to increase the likelihood of achieving objectives, improve the identification of opportunities and threats and effectively allocate and use resources for risk treatment.

IrisLogic approaches risk management in different ways using standard frameworks either to suit the nature and size of the business, specific compliance requirements, specific business objective, and mainly organization budgets. Please see the examples below:

Nature and size of the business, technology complexity Risk management approach to meet the needs of the organizations:
Large Organizations – ISO based approach with focus on IT assets and processes.
Smaller Organizations – Process based approach along with focus on large value IT assets.
Medium Size Organization – The combination of Large and Small.
Specific compliance requirements The specific compliance based frameworks include NIST, ISO, Privacy, CyberSecurity, SPF etc.
Specific business objectives Comply with audit requirements, specific technology requirements, etc.
Organization budgets, IT Budgets, IT Security budgets We help client in selecting approach that suits the budgets by providing alternatives that fit within framework.

ISO 31000: Framework

iso31000-2