ISO 31000:2018 What is the Purpose of Risk Management?

The 'Purpose' of Risk Management as per ISO31000:2018

***SOMETHING FOR US TO LEARN AND REMEMBER***

According to ISO31000:2018, the purpose of 'risk management' is the "Creation and the protection of value", this is because it is said to:

1. Improve performance
2. Encourage innovation, and
3. Support the achievements of Objectives

If we know and appreciate the above, we can use what ISO 31000 tells us, and have a much better chance of convincing senior management that risk management activities are worthwhile!

Thanks for watching - Andy