What are the key steps in the ISO 31000 risk management process?

The ISO 31000 risk management process includes five essential steps for identifying, assessing, and managing risks. First, identify risks faced by your organization. Second, analyze the likelihood and possible impact of each risk. Third, evaluate and prioritize risks based on business objectives. Fourth, treat or respond to risk conditions through appropriate actions. Fifth, monitor the results of risk controls and adjust as necessary. This framework helps organizations establish a systematic approach to risk management by determining their risk appetite and implementing effective controls. While straightforward in concept, the process requires a solid understanding of organizational operations and includes upfront methods to establish scope, business context, and risk criteria to effectively manage threats and opportunities.