IEC 31010 - ISO 31010

Risk Management - Risk Assessment Techniques

IEC/ISO 31010 is a supporting guideline for ISO 31000, providing techniques and guidance on conducting risk assessments. Not intended for certification or regulatory use, this guideline outlines the risk assessment process, basic concepts of risk assessment, and techniques for conducting risk assessments. Designed to be integrated with other aspects of a risk management program, IEC 31010 helps inform decisions about how to choose the best approach when conducting risk assessments.

Impact

A comprehensive risk management program can provide an effective way of identifying, analyzing and mitigating risk, ensuring business continuity, saving money and company reputation, and ensuring the safety of your products and manufacturing processes. ISO 31000 ensures that there is: (1) global risk visibility and that it can be reported against; (2) harmonization of all risks and they can be accessed together; (3) prioritization of risk so that the most critical risks are mitigated first; and (4) an action plan developed to mitigate and monitor risks across the organization. IEC 31010 provides more specific guidelines on choosing the correct risk assessment techniques depending on business needs, including establishing priorities, selecting methodologies, proper identification of risks and how to meet specific regulatory requirements.

Challenge

Determining where to start with a comprehensive risk management program can be challenging, often overwhelming task. Legacy risk assessment systems may be outdated, international companies with merging subsidiaries often have different ways of examining risks, and different departments may use varying terminology or rankings, making a standardized approach to risk management difficult. With the use of ISO 31000, and the accompanying IEC 31010, organizations will be better able to implement a comprehensive, standardized risk management program that applies to all departments, divisions and sites.

The Dyadem Solution

The Stature enterprise risk management solution can assist with all aspects of both ISO 31000 and IEC 31010. Its modules support multiple workflows that can be configured to any corporate standard and provide a global risk register of all risks across the organization. By allowing you to view risk holistically from the start, Stature can help ensure potential risk is addressed efficiently and effectively.

Stature enables dramatic improvements in risk mitigation and overall risk management initiatives, as well as early planning and specification of machinery use (before design), through company-wide visibility of risks and quality processes, identified by a continuous improvement approach. This unifies different risk and quality management activities and the related lessons learned in order to provide transparency and continuous communication throughout the risk management process, ensuring better compliance with governing regulations, and enabling companies to conduct business in a safe, efficient manner. Stature can help organizations make sense of the recommendations in IEC 31010 and ensure that business and safety objectives are met.