Core Requirement 1.2 of NSW Treasury’s Internal Audit and Risk Management Policy for the NSW Public Sector (TPP20-08) requires Accountable Authorities to establish and maintain a risk management process that is consistent with the Australian Standard AS ISO 31000:2018 Risk Management Framework.
ISO 31000 consists of a set of principles, frameworks and processes aimed at improving decision making about risks and their management by reducing uncertainty and increasing the likelihood that organisational objectives will be achieved. It is not a compliance standard, but instead provides principles-based guidance on best practice.
