The Federal Department of Finance has released a Whole of Government policy on Risk Management to guide public servants in establishing and maintaining “appropriate systems and internal controls for the oversight and management of risk”.
The purpose of the policy is to “improve the high level accountability of all Commonwealth entities through focusing on their duties, internal controls and the way they engage with, and manage, risk”.
Other jurisdictions also have risk management policies in place:
- The New South Wales Government issued its Internal Audit and Risk Management Policy in 2009 to promote “accountability for the allocation and management of the State’s resources”;
- The Victorian Government adopted its Risk Management Framework in 2011;
- The South Australian Government Financing Authority’s Insurance Division released a set of Risk Management Guidelines in 2011 for Government departments and agencies;
- Western Australia’s Insurance Agency RiskCover developed a set of Risk Management Guidelines in 2011; and
- Queensland Treasury compiled A Guide to Risk Management in 2011 for all Government departments and agencies.