ISO 31000:2018 offers a generic outline for the design of the risk management framework and process.

The statement is correct. ISO 31000:2018 is explicitly designed as a set of principles and generic guidelines for risk management. It is not a prescriptive or certifiable standard. Its structure is intentionally high-level to be adaptable to any organization, regardless of its size, sector, or specific context. The standard is clearly divided into key sections that provide an outline for both the risk management framework (Clause 5) and the risk management process (Clause 6), demonstrating that it covers both aspects as a generic guide.

The alternative, "False," is incorrect because it would imply that ISO 31000:2018 is either a specific, mandatory set of rules rather than a generic outline, or that it fails to address both the framework and the process. This contradicts the standard's stated scope and purpose, which emphasize its role as a universal guideline that organizations should tailor to their own needs.

1. ISO 31000:2018

Risk management — Guidelines

Introduction

Paragraph 2: "This document provides guidelines on managing risk faced by organizations. The application of these guidelines can be customized to any organization and its context." This confirms the "generic" and "guideline" nature of the standard.

Clause 1

Scope: "This document provides guidelines on managing risk and is not specific to any industry or sector." This further reinforces its role as a generic outline.

Figure 1 — Principles

framework and process: This diagram visually represents how the standard outlines the framework and process as two distinct but interrelated core components of risk management

which are detailed in their respective clauses.

Clause 5

Framework & Clause 6

Process: The titles and content of these clauses directly confirm that the standard provides a detailed outline for designing and implementing both the organizational framework for risk management and the systematic process for managing risks.

2. Lalonde

C.

& Boiral

O. (2012). Managing risks through ISO 31000: A critical analysis. Risk Management

14(4)

272-300.

Abstract & Page 274: The authors describe ISO 31000 as a "generic standard" that "proposes a framework and a process for managing risks." This academic analysis validates that the standard's core structure is an outline for both the framework and the process. (DOI: https://doi.org/10.1057/rm.2012.9)

3. Purdy

G. (2010). ISO 31000:2009—Setting a New Standard for Risk Management. Risk Analysis

30(6)

881-886.

Page 882: "ISO 31000 is a guideline standard... It describes a generic framework and process for managing risk." Although this refers to the 2009 version

the fundamental principle of providing a generic framework and process was carried forward and refined in the 2018 version

making the reference relevant to the standard's core philosophy. (DOI: https://doi.org/10.1111/j.1539-6924.2010.01442.x)