Indian Overseas Bank (IOB) has achieved a major milestone by becoming the first Public Sector Bank in India to be certified with ISO 31000:2018 – Risk Management Guidelines.
What is this Certification?
ISO 31000:2018 is an international standard that provides guidelines for effective risk management. It is issued by the International Organization for Standardization (ISO) and helps organizations identify, assess, and control risks in a structured way.
The standard offers a framework and set of principles to improve decision-making, strengthen internal controls, and reduce potential losses.
In the banking sector, following ISO 31000:2018 means the bank has strong systems to manage financial, operational, and compliance risks. It reflects the organization’s commitment to global best practices, transparency, and long-term stability.
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