The ASC Risk Management Framework is consistent with the principles of the Public Governance, Performance and Accountability Act 2013 (PGPA Act) and PGPA Rule (2014), the Commonwealth Risk Management Policy and is based on current best practice. Our Strategic Risk Register has been informed by our Risk Appetite Statement which identifies the risk trade-offs to implement our strategic objectives and helps us to understand what constitutes acceptable risk taking when assessing opportunities.
Through the FAR Committee and our internal audit program, the ASC is committed to the effective identification, monitoring and management of risk and assisting the organisation to optimise opportunities and minimise adverse consequences. We regularly review our risk profile to identify new and emerging risks, and use the biennial Comcover Risk Management Benchmarking Survey to monitor the performance of our risk management function against requirements. In 2019 the survey assessed our overall risk management maturity level as Advanced.
The ASC’s approach to managing risk focuses on: managing potential impacts on the realisation of our strategic objectives, embedding risk management within our planning and reporting processes, using risk management to support decision making, and developing a risk culture where the management of risk is understood to be everyone’s responsibility.
Risk management is included in our staff engagement survey to provide greater transparency on how risk is understood across the ASC. The results of this survey will continue to be used to inform new risk management education and awareness strategies to complement risk training currently being delivered through our Enterprise Learning and Leadership program.