Risk Management Process

The risk-based approach is consistent with international risk management best practice (AS/NZS ISO 31000:2009; AS/NZS 4360:2004). The figure below shows the standard risk management process, with the risk-based planning approach alongside for comparison. It shows that each step of the risk-based approach matched that of the risk management standard.

References
Standards Australia/New Zealand. (2009). AS/NZS ISO 31000: Risk management - principles and guidelines. Sydney and Wellington: Standards Australia/New Zealand.
Standards New Zealand. (2004). Risk Management Guidelines: companion to AS/NZS 4360:2004: Standards Australia/Standards New Zealand.