ISO31000 released – AS/NZS4360 superseded

Last estimated for release in “mid-December”, the long-awaited update to the risk management standard was released on 20 November 2009.

The original Australian Standard 4360 of 1999 was a revolutionary document, which was the first and only of its kind. The risk manager’s bible was adopted by many countries as a quasi-international standard in the absence of anything from the International Standards Organisation (ISO).

Now AS/NZS4360:2004 has been superseded by AS/ISO 31000. Regular users of the former standard will recognise a lot of familiar material in the new ISO standard.

Although Australian regulators have not yet released any formal statement, given that 4360 is no longer, any prior regulatory reference to the old standard should now be read to mean ISO 31000. All businesses that are required to have compliance risk management systems in place will need to consider the new standard when reviewing their systems.

In particular, new ASIC licensees (AFSL and ACL) will need to ensure their risk management arrangements comply with the new standard. QED Risk Services can assist companies and particularly Licensees in upgrading their current risk management systems or building new systems from scratch.

Posted on: Friday, 4 December, 2009

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