According to the ISO 31000 Risk Management Standard the main benefits to be gained by an organisation adopting it are as follows:

  • increase the likelihood of achieving objectives;
  • encourage proactive management;
  • be aware of the need to identify and treat risk throughout the organization;
  • improve the identification of opportunities and threats;
  • comply with relevant legal and regulatory requirements and international norms;
  • improve mandatory and voluntary reporting;
  • ISO 31000 is robust and simple to apply
  • improve governance;
  • improve stakeholder confidence and trust;
  • establish a reliable basis for decision making and planning;
  • improve controls;
  • effectively allocate and use resources for risk treatment;
  • improve operational effectiveness and efficiency;
  • enhance health and safety performance, as well as environmental protection;
  • improve loss prevention and incident management;