Q1: What is Risk Management?
A: Historically, risk has been associated with taking chances to make gains. It has also been associated with potential failure and losses.
With the advent of ISO 31000, risk is defined as “the effect of uncertainty on objectives,” whether these effects are positive or negative. In simple terms, risk management according to ISO 31000 is a discipline for making better decisions taking into account the uncertainties inherent in life in order to better achieve our objectives.
Q2: What is ISO 31000?
A: ISO 31000 is intended to be a family of standards relating to risk management codified by the International Organization for Standardization. The purpose of ISO 31000:2009 is to provide principles and generic guidelines on risk management. ISO 31000 seeks to provide a universally recognized paradigm for risk management practitioners and companies employing risk management processes to harmonize the myriad of existing standards, methodologies and paradigms across industries, subject matters and regions.
These standards are designed for use in public, private or community enterprise, association, group or individual and is not specific to any industry or sector.
Q3: Where do I get my copy of ISO 31000?
A: The standard can be purchased from ISO (International Organization for Standardization), as well as each of its member nations that sell licensed copies of this standard. Information is readily available by searching the web.
Q4: What is G31000? Is it part of the ISO organization?
A: G31000 is the brand name for The Global Institute for Risk Management Standards. The Global Institute is an international not-for-profit organization incorporated in Paris, France since 2009 for the purpose of promoting the ISO 31000 risk management standard worldwide.
G31000 is not part of the ISO organization. ISO publishes the standards for independent organizations to promote their use in any industry and country.
Q5: Does G31000 promote any other standards?
A: The Global Institute only promotes risk management standards, and at this time the only standard upon which we focus is ISO 31000.
Q6: Where is The Global Institute located?
A: The headquarters of Global Institute for Risk Management Standards is currently located in Paris, France. It operates throughout the world through a network of affiliated organizations.
Q7: How does The Global Institute promote ISO 31000?
A: G31000 promotes ISO 31000 by operating our LinkedIn site that is dedicated exclusively to risk management topics relating to ISO 31000. In 2013, due to large demand, G31000 began offering training and certification on ISO 31000 to individuals through a network of independent Certified Lead Trainers.
G31000 conducts an annual conference gathering the world’s experts on ISO 31000 and risk management for two days of education, networking and planning.
Q8: Is ISO 31000 recognized by law?
A: ISO 31000 is the international consensus risk management standard and it has been adopted by dozens of countries as their national standard. Some countries, such as Australia, New Zealand, Canada and many European nations, have legislated various risk management requirements into law while recognizing ISO 31000 as their country’s standard.
Training and Certification
Q9: Which organization administers the exam and provides the certifications?
A: The Global Institute for Risk Management Standards administer the exam and certify candidates who pass the exam.
Q10: What designation does the ISO 31000 Foundations Exam provide?
A: After passing the certification exam, you receive the designation Certified ISO 31000 Risk management Professional – C31000. This means that you have demonstrated knowledge, proficiency and competence on the ISO 31000 Risk Management Standard at the foundation level.
Q11: What designation does the ISO 31000 Lead Trainer Exam provide?
A: After passing a special certification exam for trainers you receive the designation Approved ISO 31000 Risk management Trainer – AT31000. This means that you have demonstrated knowledge, proficiency and competence and the skills and ability required, to train others on the ISO 31000 Standard. In order to lead training sessions based on the G31000 certification scheme you must meet additional requirements to demonstrate proficiency in training others. After meeting the additional requirements you receive the designation Certified ISO 31000 Risk management Lead trainer – CT31000 that qualifies you to organize and conduct training and formal examinations.
Q12: Why does the duration for ISO 31000 training sessions vary between two and three days?
A: The certification process ensures that trainees develop knowledge, proficiency and competence in ISO 31000 and are capable of training candidates. The duration of training depends on a number of factors: the profile of the attendees, the particular trainer and the training venue. For example, in a three day training, the trainer will usually provide many more specific industry examples for risk management. Likewise, training sessions attached to our annual conference will routinely have only a two day duration. This assumes that attendees who have been immersed in ISO 31000 during the conference are primed to learn and pass the examination. Trainees who have expressed an interest in being examined for the CT31000 certification will find themselves better prepared by attending a three day course.
Q13. How many questions are in the exams?
A: The C31000 foundation exam has 80 questions to be answered over a period of two hours. The CT31000 (Certified Lead Trainer) exam has 100 questions to be answered in the same amount of time (2 hours).
Q14. What do I need to know to pass?
A: To pass this exam, you must demonstrate mastery of both the content and the philosophy of the ISO 31000 Standard. These are presented in great detail during the course.
Q15: Are all exams which you administer the same?
A: No. Exam questions are randomly selected from a database of hundreds of questions and answers developed by The Global Institute for Risk Management Standards and peer reviewed by over 20 international experts.
Q16: Is the exam in essay format?
A: Each question has four choice responses. Two of these four choices may sometimes both be true, but one provides a better answer, according to the ISO 31000 Standard. You must demonstrate a high level of comprehension to pass this exam.
Q17: What is the passing grade?
A: To earn the C31000 credential, participants must receive a 75% score (answer 60 questions correctly out of 80) to pass. To earn the CT31000 credential, participants must receive a 75% score (answer 75 questions correctly out of 100).
Q18: Must I take the exam?
A: The exam is voluntary. Participants who complete this course will receive a Certificate of Completion from the Global Institute for Risk Management Standards. Those who pass the exam will receive a Certificate of entitlement to use the designation obtained in the respective exam.
Q19: Who grades this exam?
A: The Global Institute for Risk Management Standards grades the exams in adherence to the ANSI ISO/IEC 17024 Standard and issues the certificates earned.
Q20: How can I prepare for the exam?
A: By reading the standard and participating in the G31000 Linked In Discussion Group before taking the course. Examine each of the posts and try to determine whether the author’s words are in line with the standard or not. Don’t worry! Most candidates, over 85% of those examined, pass the exam.
Q21: Does my certifications expire?
A: Your certification is valid for three years from the date of passing the exam. To renew your certification status for an additional three years, you must achieve a minimum of 120 CPE points from selected activities. Guidance to achieve CPE will be issued shortly. More info by sending an email to CPE@G31000.org