Australian risk management practices have been recognised as international with significant inclusion and reference to AS/NZS 4360:2004 in the draft "ISO31000 Risk Management - Principles and Guidelines on Implementation".

In 2005, ISO initiated a New Work Item Proposal (NWIP) to look at developing a guidance standard on Risk Management. All ISO members approved this NWIP and an ISO working group was established with nominated experts from Member Bodies. Work commenced on the standard in 2006 and the document had now progressed to a Committee Draft: ISO CD31000.

Section 3 of ISO31000 is based on AS/NZS 4360:2004, to the extent that even the same diagram will be used as appears in 4360.

ISO 31000 is a generic standard intended to provide a common approach in support of standards dealing with specific risks and/or sectors and is intended to compliment as opposed to replace standards such as AS/NZS 4360:2004.

Following the review period ISO31000 is expected to be released early to mid 2009.