Certification of Risk Management
Recognise and avert risks early
Economic problems in companies often result from strategic and operational risks. The latest financial and economic crisis shows this quite clearly: systematic risk management could have drawn earlier attention to the factors threatening the system and much damage could have been avoided.
TÜV NORD CERT helps smaller and medium-sized companies reduce risks through certification of risk management systems, so that dangers are recognised at an early stage and the correct action is taken - thus avoiding situations where the very existence of the enterprise can be in danger.
Good basis for relationships with banks and investors
Legislation also emphasises the importance of efficient risk management and is raising the demands placed on companies in many areas such as product liability, hygiene rules, occupational health and safety, data protection, prevention action and population protection. The Control and Transparency in Business Act (KonTraG), the Revised International Capital Framework, Basel II, and also the Stock Corporation Act (AktG) all point in this direction. Ever more banks, insurance companies and investors are also demanding proof of an effective risk management system from their clients.
TÜV NORD CERT certifies companies from all sectors according to standards ONR 49001 and AS/NZS 4360. ONR 49000 ff "Risk Management Standard" is a national guideline from the Austrian Standards Institute. ONR 49001 is the standard which also includes the content of the international risk management standard ISO 31000. AS/NZS 4360 "Risk Management" is a standard from Australia and New Zealand which can also serve as a basis for certification. This is the standard on which ISO 31000 itself is based.
Firm foundation for decisionmaking
With certification, the company receives confirmation from a neutral and recognised body that the requirements as regards systematic risk management are fulfilled. There are many benefits: fewer unforeseen events, more trust in relationships with shareholders, an optimised information base for decisionmaking, enhanced reputation, protection for the management, improved relationships with banks, insurance companies and official bodies, and also better employee motivation.
The route to the certificate involves the following stages:
- Informative discussion
- Development of a risk management manual taking workplace checklists, services of the company, guidelines etc. into consideration.
- Assessment of the risk management manual, taking the standard and the authorisation (preliminary audit) into consideration
- Test phase for examining the practical applicability of the QM (risk management??) manual
- Internal audit
- Certification audit
- Check of the audit protocols by the certification body
Annual surveillance audits follow the issue of the certificate, which is valid for three years.
