AS/NZS ISO 31000 Risk Management

After 5 years of development, the Risk Management Standard, AS/NZS 4360:2004 has been superseded by   AS/NZS ISO 31000:2009, Risk management - Principles and guidelines. Risk management involves managing to achieve an appropriate balance between realizing opportunities for gains while minimizing losses. It is an integral part of good management practice and an essential element of good corporate governance.

AS/NZS ISO 31000-2009 Risk Management – Principles and Guidelines replaces AS/NZS 4360-2004 Risk Management as the leading resource available to Australian directors, top level executives and others responsible for managing an organisation’s risks and achieving objectives. AS/NZS ISO 31000 is a direct adoption of the new International Standard, which is based significantly on the 2004 edition of the Australian/New Zealand Risk Management Standard.

Risk Management is an iterative process consisting of steps that, when undertaken in sequence, enable continuous improvement in decision-making and facilitate continuous improvement in performance.

Although the concept of risk is often interpreted in terms of hazards or negative impacts, this Standard is concerned with risk as exposure to the consequences of uncertainty, or potential deviations from what is planned or expected. The process described here applies to the management of both potential gains and potential losses.  Organizations that manage risk effectively and efficiently are more likely to achieve their objectives and do so at lower overall cost.

The objective of this Standard is to provide guidance to enable public, private or community enterprises, groups and individuals to achieve:

• a more confident and rigorous basis for decision-making and planning;
• better identification of opportunities and threats;
• gaining value from uncertainty and variability;
• pro-active rather than re-active management;
• more effective allocation and use of resources;
• improved incident management and reduction in loss and the cost of risk, including commercial insurance premiums;
• improved stakeholder confidence and trust;
• improved compliance with relevant legislation; and
• better corporate governance.

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