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International Risk Management Standard AS/NZS ISO 31000. Peter Brass General Manager Risk Management & Audit PIRSA. Abstract of ISO 31000:2009 (Source: ISO Website on ISO 31000 – 16 June 2009).

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international risk management standard as nzs iso 31000

International Risk Management StandardAS/NZS ISO 31000

Peter Brass

General Manager

Risk Management & Audit


abstract of iso 31000 2009 source iso website on iso 31000 16 june 2009
Abstract of ISO 31000:2009(Source: ISO Website on ISO 31000 – 16 June 2009)

• Provides principles and guidelines on risk management. It is generic and not developed for any specific industry or sector but risk “per se”.

• Can be applied throughout the life of an organisation, and to a wide range of activities, including strategies and decisions, operations, processes, functions, projects, products, services and assets.

• Can be applied to any type of risk, whatever its nature, whether having positive or negative consequences.

• Although ISO 31000:2009 provides generic guidelines, it is not intended to promote uniformity of risk management across organisations. The design and implementation of risk management plans and frameworks will need to take into account an organisation’s particular objectives, context, structure and operations. Risk management should continue to develop organically.

• ISO 31000:2009 is not intended for the purpose of certification.

risk effect of uncertainty on objectives
RISK = effect of uncertainty on objectives

NOTE 1 An effect may be positive, negative, or a deviation from the expected.

NOTE 2 An objective may be financial, related to health and safety, or defined in other terms.

NOTE 3 Risk is often described by an event, a change in circumstances, a consequence, or a combination of these and how they may affect the achievement of objectives.

NOTE 4 Risk can be expressed in terms of a combination of the consequences of an event or a change in circumstances, and their likelihood.

NOTE 5 Uncertainty is the state, even partial, of deficiency of information related to, understanding or knowledge of, an event, its consequence, or likelihood.

risk management managing risks
Risk Management & Managing Risks

In the Standard, the expressions “risk management” and

“managing risk” are both used.

In general terms, “risk management” refers to the

architecture (principles, framework and process) for

managing risks effectively, and “managing risk” refers to

applying that architecture to particular risks.


Principles for managing risk (Clause 3)

  • Creates value
  • Integral part of organisational processes
  • Part of decision making
  • Explicitly addresses uncertainty
  • Systematic, structured & timely
  • Based on best available information
  • Tailored
  • Takes human & cultural factors into account
  • Transparent & inclusive
  • Dynamic, iterative & responsive to change
  • Facilitates continual improvement & enhancement of the organisation

AS 4360 – Implicit to

some extent


Framework for managing risk (Clause 4)

Mandate &


Design of framework

For managing risk



of the framework




Monitoring & review

of the framework

AS 4360 – Covered partially in

Section 4 “Establishing effective

risk management”


Process for managing risk (Clause 5)

Establishing the Context

Risk Assessment

Identify Risks

Communication & Consultation

Analysis of Risks

Monitoring & Review

Evaluation of Risks

Treatment of Risks

AS 4360 – Fully covered in

Section 3 “Risk Management


what this means to us
What this means to us.
  • If you have followed 4360 – impact of 31000 is minimal
  • Increased status of 31000 as international paramount standard – referred explicitly in GOSA Risk Management Policy
  • If no organisational Risk Management Policy, it is now required.
  • Timeframe – No deadline. However, should update references and other requirements as part of next risk management program review.
saicorp benchmarking program
SAICORP Benchmarking Program
  • Self-assessment used to participate in this program will help to review existing risk management program
  • Self-assessment will also helped to identify any amendments required as the tool used has been aligned with 31000 and
    • Clause 3 Principles
    • Clause 4 Framework &
    • Clause 5 Process
  • Documents are available from Treasury website at
  • Further information from Darryl Bruhn at or 8226 3429.
information sessions
Information Sessions
  • Today’s presentations are available from the Treasury website at
  • A schedule of information sessions on the new GOSA Risk Management Policy & ISO 31000 has been developed.
  • First session is scheduled for Thursday 11th March at the Hetzel Lecture Theatre at the State Library of SA. (9.30am to 11.00am)
  • Also Wednesday 14th April at same time and venue
  • Registration for these sessions to
  • Further information Darryl Bruhn at or 8226 3429.