Samsung Engineering Passes ISO Risk Management International Standard Verification Audit... "First in Korea"

[Asia Economy Reporter Jeong Hyunjin] Samsung Engineering announced on the 21st that it has passed the international standard verification audit for risk management for the first time in Korea.

Samsung Engineering passed the verification audit for the international standard ISO 31000:2018 for risk management conducted by Lloyd's Register Quality Assurance (LRQA), an international certification body, the day before. Samsung Engineering explained that it is the first company in Korea to pass the verification audit for ISO 31000:2018.

ISO 31000 is a guideline developed by the International Organization for Standardization (ISO) for risk management aimed at achieving an organization's mid- to long-term goals. It defines the management system including standard principles and systematic processes for risk management. In particular, the latest version, ISO 31000:2018, was revised to focus on responses to uncertainty in risk management, the commitment of top management, and an open system model.

A Samsung Engineering official said, "The plant EPC business is influenced by risk management due to the complex processes of plants and variable execution environments, which determines the success or failure of projects." He added, "Accordingly, Samsung Engineering is striving to manage risks throughout the entire process from project bidding, execution, to completion through the operation of a dedicated organization, and this verification audit has internationally recognized these efforts."

ISO 31000:2018 Certification Acquired by Samsung Engineering (Photo by Samsung Engineering)

In this audit, Samsung Engineering reportedly received high scores for its risk management system linked to the company's business operation standards, active participation of management, and continuous activities for competency enhancement and cultural establishment. Notably, there were no major or minor nonconformities found during the audit process regarding substandard items.

A Samsung Engineering official stated, "There is an increasing demand for international standards for risk management from oil majors and national oil companies, and the management's commitment to risk management is becoming an important evaluation factor in ESG (Environmental, Social, and Governance) governance assessments." He added, "We will continue to strive to further develop world-class risk management capabilities."

Meanwhile, Samsung Engineering introduced that in addition to ISO 31000:2018, it has passed international standard audits for quality management system ISO 9001:2015, environmental management system ISO 14001:2015, occupational health and safety management system ISO 45001:2018, and verification of greenhouse gas-related ISO 14064, thereby meeting global-level conditions across overall management.