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ISO 31000 aims to provide a universally recognized paradigm for practitioners and companies employing risk management processes to replace the myriad of differing standards and methodologies existing between industries, subject matters and regions.

The standard offers a framework approach to risk management, aiming to enable all strategic, management and operational tasks of an organization to be oriented towards a common set of risk management objectives.

The standard is suitable for use by any public, private or community enterprise, association, group or individual as it is not specific to any industry or sector. ISO 31000 is intended to be utilized to harmonize risk management processes in existing and future standards.

It can be applied throughout the life of an organization, and to a wide range of activities, including strategies and decisions, operations, processes, functions, projects, products, services and assets.