From the course: Supply Chain Foundations: Risk and Resilience

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ISO 31000 risk management standard

ISO 31000 risk management standard

From the course: Supply Chain Foundations: Risk and Resilience

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ISO 31000 risk management standard

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- One standard that's especially helpful for managing supply chain risk is ISO 31000: Family of Risk Management Standards. It provides us with guidelines for the design and implementation of a risk management framework and details how risks are identified and dealt with. The standards core principle is around value creation and protection, that is creating value for the customers and protecting the business, which are key focuses of supply chain risk management. It includes principles such as inclusivity, using best available information, considering human and cultural factors and creating a culture of continual improvement. So it's quite broad and challenges us to think about a variety of issues. The standard recognizes leadership and commitment is really important. Leaders in the business, the executive board, including the chief executive officer, and those within the supply chain need to be committed to risk…

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