ISO 31000
International guidelines for enterprise risk management
ISO/IEC 42001:2023
International standard for artificial intelligence management systems
Quick Verdict
ISO 31000 provides universal risk management guidelines for all organizations, while ISO/IEC 42001:2023 delivers certifiable AI governance. Companies adopt 31000 for broad resilience; 42001 for ethical AI compliance and trust.
ISO 31000
ISO 31000:2018 Risk management — Guidelines
Key Features
- Defines risk as effect of uncertainty on objectives
- Eight principles guide integrated risk management
- Framework embeds risk in governance and operations
- Iterative process identifies, treats, monitors risks
- Non-certifiable guidelines for any organization size
ISO/IEC 42001:2023
ISO/IEC 42001:2023 Artificial intelligence — Management system
Key Features
- PDCA framework with HLS for ISO integration
- Mandatory AI Impact Assessments for high-risk AI
- Annex A: 38 AI-specific controls
- Full AI lifecycle management to decommissioning
- Third-party supplier 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 an international standard providing non-certifiable principles, framework, and process for managing risks. Its primary purpose is systematic handling of uncertainty affecting objectives, applicable to any organization, emphasizing value creation and protection through a principles-based, iterative approach.
Key Components
- **Three pillars8 principles (integrated, structured, customized, inclusive, dynamic, best information, human/cultural factors, continual improvement); framework (leadership, integration, design, implementation, evaluation, improvement); process (communication, scope/context/criteria, assessment, treatment, monitoring/review, recording/reporting).
- No fixed controls; flexible, PDCA-aligned model.
- Non-certifiable guidelines.
Why Organizations Use It
- Enhances decision-making, resilience, and strategic execution.
- Builds stakeholder trust, supports governance.
- Drives risk reduction and opportunity capture; aligns with regulations indirectly.
- Competitive edge via integrated risk culture.
Implementation Overview
- Phased: leadership alignment, gap analysis, pilot, rollout, monitoring.
- Customize to context; training, tools, integration key.
- Suits all sizes/sectors; internal audits for assurance, no external certification.
ISO/IEC 42001:2023 Details
What It Is
ISO/IEC 42001:2023 is the world's first international standard for Artificial Intelligence Management Systems (AIMS). It specifies requirements to establish, implement, maintain, and improve AIMS, using Plan-Do-Check-Act (PDCA) methodology and High-Level Structure (HLS) for responsible AI governance across the full lifecycle, addressing risks like bias, transparency, and ethics.
Key Components
- Clauses 4-10: Context, leadership, planning, support, operation, performance evaluation, improvement
- **Annex A38 AI-specific controls (e.g., data governance, transparency, resiliency)
- Built on PDCA/HLS for interoperability with ISO 9001, ISO/IEC 27001
- Voluntary third-party certification model with audits
Why Organizations Use It
- Mitigates AI risks/opportunities, enhances ethical practices
- Aligns with EU AI Act, NIST frameworks for compliance
- Builds stakeholder trust, reputation, procurement advantages (e.g., Microsoft)
- Drives innovation, cost efficiencies, competitive differentiation
Implementation Overview
- Phased: Gap analysis, AI Impact Assessments (AIIAs), controls deployment, audits
- Universal applicability: Any size, sector, AI role (developer/provider/user)
- 6-12 months typical; faster (4-6 months) with existing ISO certifications
Key Differences
| Aspect | ISO 31000 | ISO/IEC 42001:2023 |
|---|---|---|
| Scope | Enterprise-wide risk management guidelines | AI management systems and lifecycle governance |
| Industry | All sectors, any organization size globally | All sectors using AI, any size globally |
| Nature | Non-certifiable guidelines, voluntary | Certifiable management system standard |
| Testing | Internal audits, management reviews | Third-party certification audits, AIIAs |
| Penalties | No formal penalties, internal consequences | Loss of certification, no legal penalties |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about ISO 31000 and ISO/IEC 42001:2023
ISO 31000 FAQ
ISO/IEC 42001:2023 FAQ
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