ISO 31000 guides establishing and implementing an enterprise risk management framework for any organization within its context. The standard offers generic requirements and approaches to managing any risk, and it is not specific to any field of application or industry. As the fundamental purpose of managing risk is to create and protect what’s valuable to the organization, ISO 31000 specifies the principles required to ensure a practical risk management framework:

• Risk management should be integrated with all organizational activities
• Achieving consistency through a structured and comprehensive approach to risk management
• Risk management should be customized to the organization’s needs and objectives
• Inclusiveness of stakeholders is a crucial success factor for risk management
• Risk management should be dynamic to respond to changes in context and operations
• risk management is based on the best available information and includes aspects of limitations and uncertainty

ISO 31000 is a versatile standard that can be effectively utilized by any organization, regardless of its size, scope, or field of business. It provides a comprehensive framework for integrating and implementing risk management practices tailored to each entity's unique needs and objectives, whether public or private.

ISO 31000 helps organizations develop risk management processes, including risk identification, analysis, and evaluation. It also guides selecting risk treatment strategies and options and developing, implementing, and monitoring risk treatment plans.