Risk is present in every aspect of our life, from mundane everyday activities such as choosing a route to work, to complex corporate decisions such as opening a manufacturing plant in a different country. Much effort was put over the past decades to better understand risk and its nature, which led to the creation of methodologies and approaches that enable individuals and organizations to make accurate decisions based on logical reasoning. One of the most distinguished frameworks to address risk is provided by ISO 31000, an international standard that incorporates principles, proven practices, and guidelines on managing risks faced by organizations.