What It Is

ISO 31000:2018, Risk management — Guidelines is a principles-based international standard providing flexible guidance for enterprise-wide risk management. Its primary purpose is to help organizations systematically manage uncertainty affecting objectives, applicable to any size, sector, or risk type. It uses a non-prescriptive, iterative approach focused on creating and protecting value through better decisions.

Key Components

• Three pillars: 8 principles (integrated, structured, customized, inclusive, dynamic, best information, human/cultural factors, continual improvement), framework (leadership, integration, design, implementation, evaluation, improvement), and process (communication, scope/context/criteria, assessment, treatment, monitoring/review, recording/reporting).
• No fixed controls; aligns with PDCA cycle.
• Non-certifiable guidelines emphasizing tailoring.

Why Organizations Use It

Enhances decision-making, resilience, and value creation; supports governance, strategy, and operations. Builds stakeholder trust, reduces losses, and enables opportunity capture. Voluntary but benchmarked by regulators/insurers for due diligence.

Implementation Overview

Phased approach: leadership alignment, gap analysis, pilot process, integration, monitoring. Suited for all organizations; involves policy, roles, training, tools like GRC platforms. No certification; internal audits assure alignment. (178 words)

What It Is

AS9120B is the IAQG quality management system standard for aviation, space, and defense distributors. Built on ISO 9001:2015's high-level structure, it adds distributor-specific requirements for procuring, storing, splitting, and reselling parts without alteration. Its risk-based approach emphasizes traceability, counterfeit prevention, and supply chain integrity.

Key Components

• Over 100 aerospace additions to ISO 9001 clauses 4-10.
• Core areas: context analysis, leadership, planning, support, operations (traceability, preservation, external providers), performance evaluation, improvement.
• Principles: PDCA cycle, process approach, evidence-based decisions.
• Certification via accredited bodies, OASIS listing.

Why Organizations Use It

• Commercial necessity for OEM/Tier-1 supply chains.
• Mitigates risks like counterfeit parts, traceability loss.
• Enhances market access, customer trust, operational efficiency.
• Builds resilience against regulatory scrutiny.

Implementation Overview

• Phased: gap analysis, process design, training, audits (6-12 months).
• Applies to distributors globally; scales by size.
• Requires internal audits, management reviews, third-party certification.