Currently ISO31000 is a set of guiding principles which enable an organisation to implement a best practice approach to risk management. It is often a topic of early conversation when we talk with new prospective clients as it provides a straight forward starting point for the risk management journey based upon a clear methodology and because of its international credentials it can be applied by any organisation, in any jurisdiction. This fact is important as unfortunately many organisations still view risk management as an esoteric concept that has very little to do with the bottom line ‘“ however if done correctly the opposite is true. It is also pleasing to note that some innovative risk practitioners, supported by their forward thinking organisation, are able to test the effectiveness of their efforts; this is the case at Telefonica UK who were recently assessed by the BSI with respect to their adherence to the ISO31000 standard.
Over a 5 day period the practices and policies at Telefonica were scrutinised by the BSI the result of which was the glowing confirmation that Telefonica UK , ‘should be commended for its pro-active approach to risk management and the best practice approach adopted’.
This is testament to the hard work of the team at Telefonica UK and I am delighted that some of their success was attributable to the use of the JCAD CORE application as the capture, assessment and reporting vehicle for risk. When asked I am able to confirm that yes, the JCAD CORE application does support the ISO31000 process but as with most technology, it won’t do it for you, it still requires human intervention and an understanding of how to use the results to benefit the business but it will definitely ease the transition and make life simpler.
So when asked what do you need to get it right, if you can answer positively to the 4 points below then you’re on the right path.
- A receptive and supportive management team
- A dedicated person or persons to undertake the hard work
- An effective and simple to use tool
- A set of guidelines to work towards
