Expanding our approach to risk management
In 2017–18 and beyond, we will focus on ensuring that our Risk Management Framework, enterprise-level risks, risk appetite and supporting documentation are relevant to the department’s needs and fit to guide the department’s work. These enhanced tools will continue to support staff with their understanding of how the department embraces risk, and to encourage a culture that shares information across the department.
In 2016–17, through discussions with the department’s Executive Board, including through the 2017–18 corporate planning process, the department has identified our enterprise-level risks (see Enterprise risks) and defined the department’s risk appetite and tolerance for risk. The department’s approach was strengthened by the appointment of a Chief Risk Officer in February 2017, who has led this work.
In 2017–18, we will continue to build on these achievements supported by the department’s Risk, Business Continuity and Security Committee, with a focus on:
- building risk management capability at all levels
- incorporating ‘real time’ risk and issue management to ensure the consideration of risk becomes part of our day- to-day decision making
- developing a positive risk culture.
This enhanced approach to risk management will assist us to make informed decisions about priorities and resource allocation. It will also enable us to be flexible in the way we engage with and respond to risks and opportunities across the life of this plan.
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