ISO 31000
International guidelines for enterprise risk management framework
ISO 27701
International standard for privacy information management systems
Quick Verdict
ISO 31000 provides voluntary risk management guidelines for all organizations, embedding risk into strategy. ISO 27701 extends to certifiable PIMS for privacy, ensuring PII accountability. Companies adopt ISO 31000 for resilience, ISO 27701 for compliance and trust.
ISO 31000
ISO 31000:2018 Risk management — Guidelines
Key Features
- Eight core principles for integrated risk management
- Non-certifiable guidelines for universal applicability
- Iterative process: identify, analyze, evaluate, treat
- Leadership commitment and governance integration emphasis
- Customized to organizational context and complexity
ISO 27701
ISO/IEC 27701:2025 Privacy Information Management System
Key Features
- Establishes Privacy Information Management System (PIMS)
- Controller-specific controls in Annex A
- Processor-specific controls in Annex B
- GDPR and ISO 27001 mappings provided
- Risk-based PDCA for continual improvement
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 an international, principles-based framework providing non-certifiable guidance for managing risk systematically. Its primary purpose is to help organizations identify, analyze, evaluate, treat, monitor, and review risks to create and protect value. The approach emphasizes integration into governance, strategy, and operations, applicable to any organization size, sector, or geography.
Key Components
- Three pillars: principles (8 core ones like integrated, customized, continual improvement), framework (leadership, design, implementation, evaluation), and process (communication, context, assessment, treatment, monitoring, reporting).
- No fixed controls; flexible, iterative PDCA-aligned methodology.
- Non-certifiable; relies on internal assurance and audits.
Why Organizations Use It
- Drives strategic decisions, resilience, and opportunity capture.
- Meets regulatory benchmarks, reduces litigation/insurance risks.
- Builds stakeholder trust via transparent governance.
- Enables customized risk management without bureaucracy.
Implementation Overview
- Phased: diagnose/design, build/deploy, operate/optimize, institutionalize.
- Involves policy, training, tools (e.g., risk registers), integration.
- Suited for all organizations; scalable for SMEs to multinationals.
- No external certification; focuses on internal maturity.
ISO 27701 Details
What It Is
ISO/IEC 27701:2025 is the international standard specifying requirements and guidance for a Privacy Information Management System (PIMS). It governs the lifecycle of personally identifiable information (PII) for controllers and processors, emphasizing risk-based accountability aligned with global privacy laws like GDPR, using a PDCA methodology.
Key Components
- Clauses 4–10 extending management system requirements (context, leadership, planning, operation, evaluation, improvement)
- Annex A: 37 controller-specific privacy controls; Annex B: 24 processor controls
- Mappings to ISO 27001:2022, ISO 27002:2022, and GDPR (Annex D)
- Optional certification with 3-year validity, annual surveillance audits
Why Organizations Use It
- Meets regulatory accountability (GDPR, CCPA); reduces fines, breach risks
- Enables procurement differentiation, trust-building, operational efficiencies
- Harmonizes multi-jurisdictional compliance; lowers insurance premiums
Implementation Overview
- Phased PDCA: scope/PII inventory, design controls/policies, implement/operate, audit/improve
- Suits all sizes/industries handling PII; integrates with ISMS
- Key activities: DPIAs, DSR processes, vendor contracts, training (6-18 months typical)
Key Differences
| Aspect | ISO 31000 | ISO 27701 |
|---|---|---|
| Scope | Enterprise-wide risk management principles and process | Privacy Information Management System for PII processing |
| Industry | All sectors, any size, global applicability | PII-processing organizations, all sectors, global |
| Nature | Voluntary guidelines, non-certifiable framework | Certifiable management system standard |
| Testing | Internal audits, management reviews, no certification | External certification audits, surveillance audits |
| Penalties | No legal penalties, reputational/business risks | No direct penalties, supports regulatory compliance |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about ISO 31000 and ISO 27701
ISO 31000 FAQ
ISO 27701 FAQ
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