The role of this risk management procedure is to provide staff with guidance in how to apply consistent and comprehensive risk management. This procedure provides information on how to identify, analyse, evaluate and treat risks.
In addition, it identifies other key activities needed for an effective risk management approach. The risk management process contained in this procedure aligns with the Australian Standard for Risk Management (AS/NZS ISO31000:2009).
Risk is the chance of something happening that will have an impact on objectives. It is important that we manage risks in order that the negative impact of risks upon achievement of our objectives is minimised and our ability to realise potential opportunities is maximised.
Set out below is a diagram illustrating how this procedure interacts with other key risk management documents:
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