Transitioning from the ISO 31000:2009 standard to the updated ISO 31000:2018 standard can bring several benefits for an organization. Some of these benefits are:
Improved risk management practices: The updated standard provides a more comprehensive and structured framework for managing risks, which can lead to better risk identification, assessment, and treatment.
Better alignment with organizational objectives: The updated standard emphasizes the importance of aligning risk management practices with the organization's overall objectives, strategy, and context.
Enhanced stakeholder engagement: The updated standard highlights the importance of engaging stakeholders in the risk management process, which can improve communication and collaboration within the organization.
Increased resilience: The updated standard promotes a proactive approach to risk management, which can help organizations to anticipate and respond to emerging risks and challenges more effectively.
Improved governance and decision-making: The updated standard emphasizes the importance of integrating risk management into organizational governance structures and decision-making processes, which can improve accountability and transparency.
Overall, transitioning to the updated ISO 31000:2018 standard can help organizations to enhance their risk management practices, increase their resilience, and achieve better alignment with their objectives and stakeholders.