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Our strategic risk assessment is undertaken using our risk appetite which spans eight perspectives that are significant to Tourism Australia’s operations. Tourism Australia’s risk appetite for 2020 is outlined below.
Risk appetite 2020
Risk appetite statement
Tourism Australia will ensure that Tourism 2020 and beyond is at the heart of all that we do by aggressively pursuing the short-term and medium-term strategies that allow us to achieve our 2020 objectives. These objectives are key to sustainable growth and competitiveness for the Australian tourism industry. As we seek to adopt innovative strategies, our appetite for risks is moderate.
Tourism Australia will ensure that its relationship with Government is a priority and will act transparently. We place a high importance on Ministerial and departmental satisfaction and so have a low tolerance for political risk-taking.
Brand and reputation
Tourism Australia is an innovative and adaptive agency. As our reputation is integral to supporting our mission to encourage inbound tourism in Australia, we seek to actively protect our brand through the activities we conduct as well as our stakeholder relationships. Our appetite for risks in this area is moderate. We will manage issues that could have a negative impact on our brand.
Legal and regulatory
As a corporate Commonwealth entity with a global footprint we seek to meet all legal and regulatory expectations. We have a low appetite for legal and regulatory risks and zero tolerance for fraud, bribery, collusion or theft risks.
Financial / operational
Tourism Australia’s appetite for financial and operational risk is low. We will ensure that the achievement of value for money underpins our fiscal and operational decisions, as financial risks and rewards will be assessed against both short and long term strategic and operational priorities.
Tourism Australia is committed to ensuring our marketing projects are aligned with our strategy and government priorities (where appropriate), with fewer, bigger, better campaigns, we exercise diligence in monitoring performance against these objectives, and we foster an environment of continuous improvement. Tourism Australia’s appetite for marketing project risk is high.
Work, health and safety
Tourism Australia will provide a safe environment for staff and foster a culture that values continuous learning, collaboration and innovation. Tourism Australia’s appetite for work, health and safety risks is low.
Tourism Australia will safeguard its information and data and will be transparent, open and collaborative with stakeholders. We have a low appetite for system failures or information / data security breaches.