Write a note on ISO 31000.

ISO 31000 published on the 13th of November 2009, provides a standard on the implementation of risk management. ISO 31000 seeks to provide a universally recognised paradigm for practitioners and companies employing risk management processes. The scope of ISO 31000 is not developed for a particular industry group, management system or subject matter field in mind, rather it provides best practice structure and guidance to all operations concerned with risk management. The scope of this approach is to enable all strategic, management and operational tasks of an organization throughout projects, functions, and processes be aligned to a common set of risk management objectives. ISO 31000 contains 11 key principles that position risk management as a fundamental process in the success of the organization. ISO 31000 provides that Risk oversight is a key duty of the board, as failure to manage risk can threaten the existence of the entity being governed.