Risk Management Policy Generator for Australia

A Risk Management Policy sets out your organization's approach to identifying, assessing and controlling potential threats to its operations. It creates a structured framework for managing everything from workplace safety hazards to financial risks, helping Australian businesses meet their obligations under Work Health and Safety laws and corporate governance requirements.

The policy outlines specific roles and responsibilities, risk assessment procedures, and control measures that align with Australian Standards like AS/NZS ISO 31000:2018. It guides staff at all levels through key risk management steps while demonstrating to regulators, insurers, and stakeholders that your organization takes a systematic approach to protecting its people, assets, and reputation.

Use a Risk Management Policy when launching new business ventures, expanding operations, or facing increased regulatory scrutiny in Australia. It's especially crucial during organizational changes like mergers, implementing new technology systems, or entering markets with specific compliance requirements under ASIC guidelines or industry regulations.

The policy becomes vital before annual audits, when seeking insurance coverage, or responding to workplace incidents. Having it ready helps you respond quickly to emerging threats, demonstrate due diligence to stakeholders, and maintain consistent risk controls across your organization. Many Australian businesses develop theirs when preparing for ISO certification or meeting tender requirements for government contracts.

• Information Security Risk Assessment Policy: Focuses on digital threats, cybersecurity controls, and data protection measures
• Operational Resilience Policy: Addresses business continuity, disaster recovery, and maintaining critical functions
• Contract Risk Management Policy: Manages legal and commercial risks in business agreements and partnerships
• Risk Assessment And Management Policy: Provides comprehensive coverage of enterprise-wide risks and assessment procedures

• Board Directors and Executives: Approve and oversee the policy, ensuring it aligns with corporate strategy and governance requirements
• Risk Managers: Draft, implement, and maintain the policy, coordinating risk assessment activities across departments
• Department Heads: Apply policy guidelines within their units and report on risk indicators
• Compliance Officers: Monitor adherence to the policy and ensure it meets ASIC and industry regulations
• External Auditors: Review the policy's effectiveness during annual audits and compliance assessments
• All Employees: Follow procedures, report risks, and participate in risk management activities

• Risk Assessment: Document your organization's key operational, financial, and compliance risks
• Industry Standards: Review AS/NZS ISO 31000:2018 requirements and sector-specific regulations
• Stakeholder Input: Gather feedback from department heads about specific risk concerns and controls
• Current Procedures: List existing risk management practices and identify gaps to address
• Resource Planning: Determine who will implement and monitor the policy's requirements
• Review Process: Establish how often the policy needs updating and who approves changes
• Documentation: Use our platform to generate a legally-sound policy that includes all required elements

• Policy Statement: Clear objectives and commitment to risk management principles aligned with AS/NZS ISO 31000
• Scope and Application: Defines covered activities, departments, and jurisdictional boundaries
• Roles and Responsibilities: Details accountability for board, management, and staff obligations
• Risk Assessment Process: Steps for identifying, analyzing, and evaluating risks
• Control Measures: Specific procedures and protocols for managing identified risks
• Reporting Requirements: Incident reporting procedures and escalation pathways
• Review and Updates: Timeframes for policy review and amendment procedures
• Compliance Framework: References to relevant Australian laws and regulatory requirements

A Risk Management Policy differs significantly from an Enterprise Risk Management Framework in several key ways. While they work together, each serves a distinct purpose in Australian organizations.

• Scope and Purpose: A Risk Management Policy sets high-level principles and commitments, while the Framework provides detailed operational guidance and specific implementation steps
• Legal Standing: The Policy acts as a binding governance document that boards must approve, whereas the Framework serves as an operational roadmap without the same legal weight
• Content Focus: Policies define responsibilities and risk appetite, while Frameworks outline processes, tools, and methodologies
• Review Cycle: Policies typically require annual board review, but Frameworks can be updated more frequently by management to reflect operational changes
• Audience: Policies target stakeholders and regulators, while Frameworks guide internal teams implementing risk controls