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Risk management

Tourism Australia’s Risk Management Policy drives all risk management activities and establishes appetites and boundaries for risk-taking at all levels of the organisation. In 2019/20, EY facilitated our annual strategic risk review with Tourism Australia’s Executive Leadership team, which is then discussed in detail with the Board Audit and Finance Committee. A summary of our strategic risks and risk profile is provided in Figure 9. Further detail regarding these risks and the mitigation strategies to address them is provided at Appendix 2.

We also maintain a detailed risk register and track our risks quarterly. Regular risk review and reporting includes fraud risk assessments, business continuity management, procurement and insurance risk assessments and work, health and safety risk assessments to identify and eliminate workplace hazards.

Strategic risk profile 2020 Tourism Australia's strategic risk profile is provided in diagrammatical format, including the rating of each risk compared with the prior year and the rating of controls (ie whether they are effective or partially effective).