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Risk management

PM&C operates in a complex and dynamic environment. We manage risk to maximise opportunity and innovation while protecting the interests of PM&C and its principal stakeholders.

The Secretary and the Executive Board have oversight of the management of risk exposures in PM&C. The risk management framework assesses and manages risk at the strategic level in response to the purposes and priorities of the Corporate Plan and, at the enterprise level, operational risks that might affect the achievement of PM&C’s objectives. The Chief Risk Officer champions a positive risk culture through regular communication and participation in decision- making as a member of the Executive Board and the Operations Committee.

PM&C has continued to improve our management of risk by strengthening the security framework and work health and safety management system; and improving fraud awareness. To ensure a robust system, the Audit Committee and the Operations Committee monitor risks and the effectiveness of controls.

Climate Risk

Across the world, governments, authorities, businesses and communities are considering what it means to live in a world with a changing climate. For PM&C, this includes the physical risks to our assets and operations from increasingly variable and extreme weather. It also means our advice to Government needs to take account of the impacts a changing climate could have on the planning and implementation of the government’s policies and programs.

PM&C has taken steps to consider its exposure to climate risk and the related enterprise and policy implications, consistent with our broader risk management and governance obligations, to ensure we continue to provide the best possible advice to Government and support effective service delivery to the Australian public.

During 2018–19, with support from the Department of the Environment and Energy, PM&C conducted a preliminary scan to identify its exposure to the effects of a changing climate. This scoping exercise promoted an increased awareness of climate risk and provided insight on potential areas of exposure, with a particular focus on the service delivery and policy development functions of the Indigenous Affairs Group.

PM&C also supports the Department of the Environment and Energy and the Department of Home Affairs to promote awareness of climate risk as it relates to governance, accountability and decision-making across the Australian Public Service.