ISO 31000: 2018 risk management standard and its implementation on the sample manufacturing business

With technological developments and globalization, the way and methods of doing business of businesses have changed and become more complex. Businesses are exposed to many uncertainties and risks while carrying out their activities. Especially today, the diversity of risks has increased with the ways of doing business. As a natural consequence of this situation, a risk management mechanism is needed so that the business processes are not interrupted as much as possible and they can evolve into the better. Risk should not be seen as an incidental element in this process, but rather as an element that businesses are always exposed to and are ready to manage. The implementation of risk management standards built on scientific foundations and accepted internationally is extremely essential for businesses. For this purpose, the ISO 31000 risk management standard is a leading actor for businesses to build risk management systems and processes and to carry out risk management phases. Situations such as keeping up with the requirements of the time, adapting to change and realizing their strategic goals are possible with a healthy risk management process. Only in this way can businesses last longer and achieve their growth goals. In our study, the concept of risk, types of risk, risk management processes are examined in detail, explained in detail in the ISO 31000 risk management standard, and its application on a sample production company is shown.