The Board recognises that risk management and internal compliance and control are key elements of effective governance. The ABC’s Risk Management and Resilience policies describe the manner in which the ABC:
- consistently applies processes to recognise and manage risks and disruptions
- confers responsibility on ABC employees at all levels to identify, manage, review and report on risks relating to the objectives those staff are accountable for delivering.
Risk is inherent to the ABC’s operations, whether it be related to ongoing disruption in the media and entertainment sectors, shifting audience behaviours in response to new technologies, or responding to the recent challenges associated with COVID-19.
The ABC uses a standardised enterprise-wide risk management process for the identification, assessment, monitoring and management of significant risks. Disruption is managed by using the Prevention, Preparedness, Response and Recovery model. The Risk and Resilience function is responsible for the ABC’s risk management and resilience process, development of risk management and resilience capability, and providing risk management reports and resilience information to the Leadership Team and the Audit & Risk Committee.
In 2019-20, the Audit & Risk Committee reviewed the Corporation’s risk profile for the Group and received reports from management on the effectiveness of the Corporation’s management of its principal risks. The reported risks considered the ABC’s health and safety, audience and reputation, financial, legal and compliance, and technology exposures. Reports were also provided overviewing the resilience actions taken to manage the operational disruption and mitigate the consequences of COVID-19. A review of the Corporation’s risk appetite is underway. The Risk Appetite is designed to support and inform Board and Management decision-making in accordance with the recently released Five-Year Plan.
For more on the activities of the Audit & Risk Committee, see Appendix 2 - ABC Board and Board Committees.
The ABC has acquired appropriate insurances from Comcover, including Directors and Officers liability insurance. The premium for Directors and Officers liability insurance was $228,278. The ABC has indemnified each board member for legal costs and liabilities incurred in their capacity as a board member of the ABC under a Deed of Access & Indemnity. Board members were permitted to vote on the Deed pursuant to a declaration by the Minister for Communications under section 15 of the PGPA Act.