What are the main steps in the ISO 31000 risk management process?

The ISO 31000 risk management process is a structured sequence for handling uncertainty that could affect objectives. The course agenda outlines the flow across the four days, starting with principles and then moving through initiation, assessment, treatment, and the governance activities that keep the process effective.The process begins with defining scope, context, and criteria. This step clarifies what decisions the assessment supports, which factors influence the objective, and how risks will be evaluated. Without this, risk scoring and prioritization can vary widely between teams.Next is risk identification. This step captures what could happen, why it might happen, and what the consequences might be. Identification should be specific enough to support analysis rather than a generic list of concerns.Risk analysis evaluates the nature of each risk, including drivers and potential outcomes, and often considers likelihood and consequence using the criteria established earlier. Risk evaluation then compares analysis results against criteria to determine which risks need action and in what order.Risk treatment is the decision and implementation step. Treatment options may include changing controls, adjusting processes, or accepting risk within defined tolerance, but the key is that treatments are selected deliberately and tracked.ISO 31000 also emphasizes the supporting activities: recording and reporting to keep decisions traceable, monitoring and review to confirm effectiveness and adapt to change, and communication and consultation so stakeholders understand assumptions and outcomes. The course dedicates a full day to these elements, highlighting that the process is continuous, not a one-time workshop.