ISO 26262 certification firstly defines key terms like error, failure, and faults to ensure everybody that is involved in the automotive process is aware. The certification also defines the standards that are applicable across the safety lifecycle of individual automotive products. This begins right from the concept phase to the product development across levels, production, operation, service, and right until the decommissioning stage. The ISO 26262 certification also provides a specific risk-based approach for determining various automotive risk classes. Along with identifying and assessing these safety risks, the certification establishes various requirements that reduce these risks to an acceptable level. The certification also tracks the requirements, thereby ensuring an acceptable level of safety is attained in the end-product.
I wrote this for my company and the original link to the blog is, https://www.tuvsud.com/en-in/resource-centre/blogs/understanding-the-iso-26262-standard---what-you-need-to-know