ISO 31000
International guidelines for enterprise-wide risk management
ISO 56002
International guidance standard for innovation management systems
Quick Verdict
ISO 31000 provides risk management guidelines for all organizations to handle uncertainty, while ISO 56002 offers innovation management system guidance to systematically create value. Companies adopt them to embed risk-aware and innovation-driven practices into governance for resilience and growth.
ISO 31000
ISO 31000:2018 Risk management — Guidelines
Key Features
- Defines risk as effect of uncertainty on objectives
- Eight principles for integrated, dynamic risk management
- Leadership-committed framework embedding risk in governance
- Iterative process: assess, treat, monitor, review risks
- Non-certifiable guidelines for any organization size
ISO 56002
ISO 56002:2019 Innovation management system — Guidance
Key Features
- PDCA cycle for continuous IMS improvement
- HLS alignment for management system integration
- Leadership commitment and policy requirements
- Portfolio management and uncertainty governance
- Tool-agnostic guidance for all organizations
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 non-certifiable international standard providing flexible principles, framework, and process for managing uncertainty. Its primary purpose is systematic risk management to create and protect value across any organization, defining risk as the effect of uncertainty on objectives with a principles-based, iterative approach.
Key Components
- **Three pillarsEight principles (integrated, structured, customized, inclusive, dynamic, best information, human factors, continual improvement); framework (leadership, integration, design, implementation, evaluation, improvement); process (communication, scope/context/criteria, assessment, treatment, monitoring/review, recording/reporting).
- No fixed controls; aligns with PDCA cycle.
- Guidelines only, no certification model.
Why Organizations Use It
Enhances decision-making, resilience, and value creation; supports governance, strategy, compliance. Builds stakeholder trust, reduces losses, enables opportunities. Competitive edge in regulated sectors like finance, healthcare.
Implementation Overview
Phased: leadership alignment, gap analysis, pilot process, integration, monitoring. Applicable to all sizes/sectors; requires policy, roles, training, tools like GRC platforms. Internal audits for assurance, no external certification.
ISO 56002 Details
What It Is
ISO 56002:2019 is an international guidance standard titled Innovation management — Innovation management system — Guidance. It provides a framework for organizations to establish, implement, maintain, and improve an Innovation Management System (IMS). The primary purpose is to manage innovation as a repeatable capability for value creation, applicable to all organization types, sizes, and sectors. It uses a PDCA (Plan-Do-Check-Act) cycle aligned with ISO's High-Level Structure (HLS).
Key Components
- Seven core clauses: context, leadership, planning, support, operation, performance evaluation, improvement.
- Eight principles: value realization, leadership, strategic direction, culture, portfolio thinking, uncertainty management, learning, stakeholder engagement.
- Non-prescriptive; no fixed controls, focuses on tailored governance. Conformity via self-assessment or third-party audits; pairs with ISO 56001 for certification.
Why Organizations Use It
- Drives strategic innovation, reduces 'innovation theater', improves portfolio outcomes.
- Enhances risk/uncertainty management, stakeholder trust.
- Integrates with ISO 9001/27001 for efficiency; boosts competitiveness, growth.
Implementation Overview
- Phased: diagnosis, design, pilot, scale, sustain (6-24 months).
- Involves gap analysis, policy development, training, audits. Scalable for SMEs; voluntary adoption.
Key Differences
| Aspect | ISO 31000 | ISO 56002 |
|---|---|---|
| Scope | Enterprise-wide risk management guidelines | Innovation management system guidance |
| Industry | All sectors, any organization size globally | All sectors, established organizations globally |
| Nature | Non-certifiable guidelines, voluntary | Non-certifiable guidance, voluntary |
| Testing | Internal audits, management reviews | Internal audits, management reviews |
| Penalties | No legal penalties, internal governance only | No legal penalties, internal governance only |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about ISO 31000 and ISO 56002
ISO 31000 FAQ
ISO 56002 FAQ
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