The AS/NZS 4360:1999 or Australian Standard provides a general guide for risk management. This standard can be applied to a wide range of activities, decisions or operations of any company, group or a public or private individual. This standard specifies the components of the risk management process and can be adapted according to the needs of the organization. The design and implementation of the risk management system will be influenced by the different needs of an organization, its particular objectives, products, services, processes and specific practices in place.
The main components proposed by this standard are:
- Establish a context
- Identify risks
- Analyze risks
- Assess risks
- Manage risks
- Monitor and review
- Communicate and consult
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