AS/NZS 4360 Risk Management Standard (Withdrawn)
The Australian/New Zealand standard that shaped ISO 31000. Withdrawn in 2009 and superseded by AS/NZS ISO 31000; covered here for its historical influence.
Status: withdrawn. AS/NZS 4360:2004 was superseded by AS/NZS ISO 31000:2009, now ISO 31000:2018. Use ISO 31000 for current practice.
AS/NZS 4360 Risk Management
Historical Significance
AS/NZS 4360 was the world's first formal risk management standard, first published in 1995 and revised in 1999 and 2004. It heavily influenced the development of ISO 31000.
Key Contributions
Process-Based Approach
Established the foundational risk management process:
- Establish context
- Identify risks
- Analyze risks
- Evaluate risks
- Treat risks
- Monitor and review
- Communicate and consult
Risk Criteria Framework
- Financial impact thresholds
- Likelihood scales
- Risk matrix development
- Acceptance criteria
Treatment Hierarchy
- Avoid the risk
- Reduce likelihood
- Reduce consequences
- Transfer/share the risk
- Retain the risk
Legacy Impact
Influenced Standards
- ISO 31000:2009 and 2018
- ISO Guide 73 (risk vocabulary)
- Many national standards
Key Innovations
- Risk management as a process
- Integration with planning
- Stakeholder involvement
- Continuous improvement focus
Comparison with ISO 31000
| AS/NZS 4360 | ISO 31000 | |-------------|-----------| | Process-focused | Principles-focused | | Detailed matrices | Flexible criteria | | Specific techniques | General guidance | | Regional standard | International standard |
Note: AS/NZS 4360 has been superseded by AS/NZS ISO 31000.