The railway industry is becoming more and more regulated and risk management is now part of the Rail Safety legislation in Victoria. V/Line expanded in recent years to become not only a rail operator but also handle infrastructure and signalling as well. At the same time, the organization needed to start complying with new Rail Safety legislation that was in process of being promulgated. These two factors triggered a major re‐look at risk management for V/Line. As a result, the organization re‐developed its risk management framework, building a new enterprise‐wide methodology based on the Australian Standards (AS/NZS4360). V/Line also restructured accordingly, for example, by setting up a Risk and Safety Improvement Programs department.