“Risk Management is the term applied to a logical systematic method of establishing context, identifying, analysing, evaluating, treating, monitoring and communicating risks associated with any activity, function or process in a way that will enable organisations to minimise losses and maximise opportunities. Risk Management is as much about identifying opportunities as avoiding or mitigating losses.”

© Copyright Standards Australia. Reproduced with permission from Standards Australia.

An effective risk management policy and framework ensures a consistent organisation-wide approach to the management of risks to assist management achieve its concept driven strategic priorities and related concerns. This will provide the Centre for People Development with a view of its key strategic and operational risks, incorporating a view of risk across all aspects of the Centre for People Development.

The expected benefits include:

Protecting your stakeholders and assets

Minimising negative outcomes while supporting continuous quality improvement and innovation

Managers make better informed decisions about whether to accept and how to mitigate risk to an integrated organisational approach

Encouraging pro-active management

Vastly increased awareness of risks and the opportunities for managing risks

Agreement of tolerance limits – “risk appetite”

Minimising the exposure and cost of losses arising from risk

Prudential Risk Management culture

Basis for compliance with statutory and other requirements.