What is ISO 31073 - Vocabulary for risk management about?
ISO 31073 is an International Standard that focuses on vocabulary for risk management. ISO 31073 defines generic terms related to the management of risks faced by organizations.
ISO 31073 covers the planning, design, transition, delivery, and improvement of services to meet the requirements of the service and deliver value.
Who is ISO 31073 - Vocabulary for risk management for?
ISO 31073 on vocabulary for risk management is useful for:
- Risk assessment managers
- Management board members and advisors
- The owner of the organization
- Those engaged in managing risks
Why should you use ISO 31073 - Vocabulary for risk management?
Risk management is application-specific. In some circumstances, it can therefore be necessary to supplement the vocabulary in this document. Where terms related to the management of risk are used in a standard, it is imperative that their intended meanings within the context of the standard are not misinterpreted, misrepresented or misused.
The terminology in ISO 31073 may need to be replaced by disciplinary-specific terminology where appropriate.
ISO 31073 provides a basic vocabulary to develop a common understanding of risk management concepts and terms among organizations and functions, and across different applications and types.
ISO 31073 encourages a mutual and consistent understanding of, and a coherent approach to, the description of activities related to the management of risk, and the use of uniform risk management terminology in processes and frameworks dealing with the management of the risks faced by organizations.
By using ISO 31073, you can manage threats to the achievement of their objectives, organizations are increasingly applying risk management processes and developing an integrated approach to risk management in order to improve the management of potential opportunities.
