In 2005, International Organisation for Standardisation (ISO) established a working group to develop the first international risk management standard. An extensive consultative process resulted in AS/NZS 4360: 2004 (an Australian/New Zealand risk management standard with its origins dating to 1994) being reviewed and, at the end of the scheduled five-year process, the publication of ISO 31000: 2009 was proclaimed and released to the international marketplace.
The upshot of this extensive process is that, after 15 years, the standard which has underpinned the Australian/New Zealand approach to risk management has evolved to become the international standard.