Risk management has proven to be a strategic factor in management and control decisions. Successful risk management focuses on understanding risk management-oriented methods and being able to quickly assess and find a solution to the specific situation. Risk management practices aim to increase the likelihood of success in strategic objectives, anticipate, recognize, and respond to changes, thus promoting an efficient operation. However, implementing a risk management standard without a detailed plan can become a hindrance for organizations. In this context, the aim of this paper is to make a comparison between the approach of the most recent versions of ISO 31000 (2018) and the PMBOK Guide (2017) regarding risk management, to evaluate similarities and differences between tools and techniques employed in each phase of risk management, through a descriptive and qualitative bibliographic research methodology. This work contributes as an initial study for companies that are awakening to good risk management practices and presents, in a structured way, the tools and techniques used in the two standards, including the complementary IEC 31010 standard, allowing better decision making.