ISO 31000
International guidelines for enterprise risk management
GLBA
US law for financial privacy and data safeguards
Quick Verdict
ISO 31000 offers voluntary risk management guidelines for all organizations worldwide, enhancing decision-making. GLBA mandates privacy notices and security programs for US financial institutions, enforced by FTC penalties. Companies adopt ISO 31000 for resilience, GLBA for legal compliance.
ISO 31000
ISO 31000:2018, Risk management — Guidelines
Key Features
- Eight principles for effective risk management
- Non-certifiable guidelines for flexibility
- Framework integrates risk into governance
- Iterative process for assessment and treatment
- Applies universally to any organization
GLBA
Gramm-Leach-Bliley Act (GLBA)
Key Features
- Privacy notices and opt-out rights for NPI sharing
- Comprehensive written information security program
- Qualified Individual designation and board reporting
- Breach notification within 30 days for 500+ consumers
- Service provider oversight and risk assessments
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
ISO 31000 Details
What It Is
ISO 31000:2018, Risk management — Guidelines is a principles-based international standard providing non-certifiable guidance for systematic risk management. Its primary purpose is to help organizations of any size or sector manage uncertainty affecting objectives through a flexible framework and process.
Key Components
- Three pillars: eight principles (e.g., integrated, customized, dynamic), framework (leadership, integration, design, implementation, evaluation, improvement), and process (communication, scope/context/criteria, assessment, treatment, monitoring/review, recording/reporting).
- No fixed controls; emphasizes iterative, PDCA-aligned approach.
- Guidelines-only model, no certification.
Why Organizations Use It
- Enhances decision-making, value creation/protection, resilience.
- Builds stakeholder trust, supports governance.
- Aligns with regulations indirectly; competitive edge via better risk intelligence.
Implementation Overview
- Phased: leadership commitment, gap analysis, pilot process, integration, monitoring.
- Applicable universally; focuses on culture, training, tools like GRC platforms.
GLBA Details
What It Is
The Gramm-Leach-Bliley Act (GLBA) is a US federal law enacted in 1999, establishing privacy and security standards for financial institutions. It mandates transparency in data-sharing practices and protection of nonpublic personal information (NPI) through a risk-based approach via the Privacy Rule and Safeguards Rule.
Key Components
- Privacy Rule (16 C.F.R. Part 313): Initial/annual notices, opt-out rights for nonaffiliated sharing.
- Safeguards Rule (16 C.F.R. Part 314): Written security program with administrative, technical, physical safeguards; Qualified Individual designation; vendor oversight; breach notification for 500+ consumers.
- **Pretexting provisionsAnti-social engineering protections. No formal certification; compliance via self-implementation and regulator enforcement.
Why Organizations Use It
- Legal compliance enforced by FTC for non-banks.
- Mitigates breach risks, penalties up to $100,000/violation.
- Builds customer trust, operational resilience.
- Broad scope includes non-traditional entities like tax preparers, auto dealers.
Implementation Overview
Phased: scoping, risk assessment, policy development, technical controls (encryption, MFA), training, testing. Applies to financial activity entities US-wide; audits via enforcement actions. (178 words)
Key Differences
| Aspect | ISO 31000 | GLBA |
|---|---|---|
| Scope | Enterprise-wide risk management guidelines | Consumer financial data privacy and security |
| Industry | All industries, any organization worldwide | Financial institutions, primarily US non-banks |
| Nature | Voluntary guidelines, non-certifiable | Mandatory regulation with FTC enforcement |
| Testing | Internal monitoring, reviews, continual improvement | Risk assessments, pen tests, vulnerability scans |
| Penalties | No legal penalties, internal governance only | Fines up to $100k per violation, imprisonment |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about ISO 31000 and GLBA
ISO 31000 FAQ
GLBA FAQ
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