Enterprise Risk Management System Implementation (ERM)

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ISO 31000:2018 Enterprise Risk Management (ERM)

ISO 31000:2018 is an international standard that provides guidance on enterprise risk management (ERM). ERM is a systematic and structured approach to identifying, assessing, and managing risks faced by organizations. The standard was developed by the International Organization for Standardization (ISO) and is applicable to all types of organizations, regardless of their size, sector, or industry.

The purpose of ISO 31000:2018 is to assist organizations in establishing and implementing an effective ERM framework that enables them to proactively identify and manage risks. It emphasizes the importance of a holistic approach to risk management, considering both internal and external factors that can impact an organization’s objectives.

ISO 31000 Principles of Risk Management

Integrated
Structured and Comprehensive
Customized
Inclusive

Dynamic
Best Available Information
Human and Cultural Factors
Continual Improvement

Benefits of adopting ISO 31000:2018

♦ Comprehensive Risk Management Framework: ISO 31000 provides a structured framework for identifying, assessing, and managing risks across the entire organization.

♦ Enhanced Decision-Making: The ISO 31000 framework facilitates informed decision-making by integrating risk management into the organization’s overall strategic and operational processes.

♦ Proactive Risk Identification: ISO 31000 emphasizes the importance of proactively identifying risks rather than reacting to them after they occur.

♦ Improved Risk Assessment and Treatment: ISO 31000 guides organizations in conducting thorough risk assessments and determining appropriate risk treatment strategies.

♦ Stakeholder Confidence and Trust: Adopting ISO 31000 demonstrates an organization’s commitment to managing risks in a structured and transparent manner.

♦ Compliance with Regulatory Requirements: ISO 31000 provides a framework aligned with internationally recognized best practices in risk management.

♦ Continual Improvement: ISO 31000 promotes a culture of continual improvement in risk management.

♦ Integration with Other Management Systems: ISO 31000 is designed to be compatible with other management system standards, such as ISO 9001 (quality management) and ISO 14001 (environmental management).

TMS Unique Approach For ISO 31000:2018 Implementation

Phase 1- Risk Strategy & Appetite

Activities

♦ Risk Strategy & appetite development

Deliverables

♦ Developing Risk Strategy
♦ Linkage of Risk strategy to Corporate Strategy
♦ Identifying Risk Appetite & Tolerance

Activities

♦ ERM Team Formation & Defining Role Responsibilities of Project Leaders

Deliverables

♦ Define project Stakeholders(Lead risk owners)
♦ Define Key Risk Areas
♦ Define Project Org. Structure
♦ Define Project Steering Team
♦ Conduct Risk Management Team Meetings
♦ Define Role & Responsibilities of all Project Leaders

Phase 2 - Risk Governance

Activities

♦ ERM Policies and Goals

Deliverables

♦ Developing Risk Strategy
♦ State Scope of the ERM System and Set Goals
♦ Formulate ERM Policy/ Framework
♦ ISO 31000 Risk management standards

Activities

♦ Performance Management System

Deliverables

♦ Publish ERM KRI’s(Key Risk Indicator)
♦ Define KRI Review Mechanism
♦ Preparing Risk Guidance Mechanism
♦ Developing KRI Dashboard

Phase 3 - Risk Culture

Activities

♦ Awareness and decision support System

Deliverables

♦ Awareness & Understanding
♦ Integration in day to day operations
♦ Decision Support System Development
♦ Linking of ERM to Enterprise performance management

Activities

♦ Conducting Risk Audits

Deliverables

♦ Risk Audit Sheet development
♦ Conducting Risk Audits

Phase 4 - Risk Assessment & Measurement

Activities

♦ Conduct Workplace Risk Identification & Risk Assessment Studies

Deliverables

♦ Risk Categories & Definitions
♦ Define Risk Identification Mechanism
♦ Preparing Risk Assessment template
♦ Risk Assessment criteria
♦ Defining Risk Prioritisation criteria
♦ Conducting Risk Assessment
♦ Preparing Risk Assessment template

Phase 5 - Risk Management & Insights

Activities

♦ Preparing risk management plan

Deliverables

♦ Risk Budgeting
♦ Risk Mitigation, Response & Action Plans
♦ Testing to identify gaps in risk management plan
♦ Evaluate the effectiveness of the risk management plan
♦ Monitoring Mechanisms

Phase 6 - Risk Reporting & Communication

Activities

♦ Risk Reporting Mechanism & Requirements

Deliverables

♦ Risk Reporting Mechanism
♦ identifying Business / Operational Requirements
♦ Incorporating Board & Senior Management Requirements
♦ identifying External Requirements

Phase 7 - Data & Technology

Activities

♦ Data Governance & analytics

Deliverables

♦ Data Quality & Governance
♦ Risk Analytics
♦ Technology Enablement

Why choose Us?

Result Oriented – We are not only working for providing trainings but also do the practice work in respect of result oriented implementation of ISO.

Optimum Time/ Time Bounded – Everyone is aware of how drawn out the ISO certification procedure is! If certification takes too long, it is hard to stay motivated and concentrated. Not to worry! In most cases, we can help you become certified in less time than 90 days.

Cost Effective – We provide a lean, tailored ISO compliant management system, which results in significant cost savings on the implementation stage, which is sometimes disregarded yet is typically the most expensive phase of ISO compliance.

Training and Support in Implementation – TMS ‘s ISO Certification Consultant are IRCA/CQI Certified & Highly Qualified, Who Train and Sensitize Employees on Requirement and Benefits of ISO System followed by helping in Documentation Processes, SOP Development & Implementation required for External Certification. Maintaining ISO compliance doesn’t have to be expensive at all! With a lean and compliant ISO quality consulting strategy, we further support for ISO Sustenance/ Surveillance Audit.

Certified & Dedicated Resource – You can work together with TMS or handle continuing compliance independently. Monitoring and internal audits are also included in our specialized ISO Consulting Service. Our Professionals Keeps an eye on your Enterprise Risk Management System Implementation (ERM) to make sure it is functioning consistently and improving. We can also assist in easily bringing it into compliance with any upcoming revisions to the ISO standard.

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