The Australian Government Tertiary Education Quality and Standards Agency's (TEQSA's) role is to assure that quality standards are being met by all registered higher education providers. This paper explains how TEQSA's risk-based approach to assuring higher education standards is applied in broad terms to a diverse sector. This explanation is consistent with the revised processes developed by TEQSA in close consultation with the sector over 2013-14. The paper has been developed based on a dialogue between TEQSA and registered higher education providers through their peak bodies. It depicts how TEQSA's risk-based approach to assurance of quality standards is applied in practice to the sector, and aims to facilitate a shared understanding of how TEQSA takes into account relevant organisational characteristics. TEQSA applies a consistent and fair approach that treats like providers in the same manner, regardless of provider category under the TEQSA Act (the Act). The following appendix is included: Examples of Applying the Framework Outlined Above to Hypothetical Cases.