Opportunity for a risk lies in every field of operation.  Risk could arise from different contexts related to project management, safety, security, quality of product etc. But in majority of the cases risks are not identified on time and thereby leading it to become a problem in future.

There are a wide variety of standards or models emphasising the importance of risk management, using frameworks like Quality Management Systems (QMS), Information Security management System (ISMS), Environmental Management System (EMS), Safety Management System etc. Among the different standards which talk about risk management, the standard- ISO 31000 tries to build a uniform platform for the risk management activities irrespective of the industry or sector. ISO 31000 does not enforce any framework; it just codifies some good practices.

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