The Risk and Control Assessment Template serves as a foundational document for organizations operating in Australia to establish and maintain effective risk management practices. This template is designed to be used when conducting regular risk assessments, implementing new control measures, or reviewing existing risk management frameworks. It encompasses comprehensive guidance for risk identification, assessment methodology, control evaluation, and monitoring processes, aligned with Australian regulatory requirements including the Corporations Act 2001, ASX Corporate Governance Principles, and industry-specific regulations. The template supports organizations in maintaining compliance while effectively managing their risk profile through structured documentation and assessment processes.
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1. Document Control: Version history, approval status, and document ownership information
2. Purpose and Scope: Defines the objectives of the risk assessment and its organizational scope
3. Roles and Responsibilities: Outlines who is responsible for various aspects of risk assessment and control monitoring
4. Risk Assessment Methodology: Explains the approach used to identify, analyze, and evaluate risks
5. Risk Categories: Defines the main categories of risks to be assessed (e.g., operational, financial, strategic, compliance)
6. Risk Rating Criteria: Defines the criteria for assessing likelihood and impact of risks
7. Control Assessment Framework: Methodology for evaluating control effectiveness and design
8. Documentation Requirements: Specifies how risks and controls should be documented
9. Review and Monitoring: Process for ongoing review and updates of risk assessments
10. Reporting Requirements: Details on how risk assessment results should be reported and to whom
1. Industry-Specific Risk Considerations: Include when the organization operates in a regulated industry with specific risk requirements
2. Technology Risk Assessment: Include for organizations with significant IT dependencies or digital operations
3. Third-Party Risk Management: Include when the organization relies heavily on external vendors or partners
4. Project Risk Assessment: Include for organizations that regularly conduct project-based work
5. Environmental Risk Assessment: Include for organizations with significant environmental impact
6. Business Continuity Considerations: Include for critical business operations requiring continuity planning
7. Fraud Risk Assessment: Include for organizations handling financial transactions or sensitive assets
1. Risk Register Template: Standard template for documenting identified risks and their assessments
2. Control Matrix Template: Template for documenting controls and their effectiveness
3. Risk Heat Map Template: Template for visualizing risks based on likelihood and impact
4. Action Plan Template: Template for documenting risk treatment plans and control improvements
5. Risk Assessment Checklist: Detailed checklist for conducting risk assessments
6. Control Testing Schedule: Template for planning and tracking control testing activities
7. Risk Appetite Statement: Documentation of organization's risk tolerance levels
8. Glossary of Terms: Definitions of key risk and control terminology used in the assessment
9. Regulatory Requirements Reference: Summary of relevant regulatory requirements affecting risk assessment
Relevant legal definitions
Acceptable Risk
Action Owner
Assessment Period
Assurance
Control
Control Design
Control Effectiveness
Control Environment
Control Owner
Control Testing
Critical Risk
Emerging Risk
Governance Framework
Impact
Inherent Risk
Internal Control Framework
Key Control
Key Risk Indicator (KRI)
Likelihood
Material Risk
Mitigating Control
Monitoring Activities
Operational Risk
Preventive Control
Residual Risk
Risk
Risk Appetite
Risk Assessment
Risk Category
Risk Control Matrix
Risk Management
Risk Management Framework
Risk Mitigation
Risk Owner
Risk Profile
Risk Rating
Risk Register
Risk Response
Risk Tolerance
Risk Treatment
Root Cause Analysis
Stakeholder
Strategic Risk
Target Risk
Three Lines of Defense
Action Owner
Assessment Period
Assurance
Control
Control Design
Control Effectiveness
Control Environment
Control Owner
Control Testing
Critical Risk
Emerging Risk
Governance Framework
Impact
Inherent Risk
Internal Control Framework
Key Control
Key Risk Indicator (KRI)
Likelihood
Material Risk
Mitigating Control
Monitoring Activities
Operational Risk
Preventive Control
Residual Risk
Risk
Risk Appetite
Risk Assessment
Risk Category
Risk Control Matrix
Risk Management
Risk Management Framework
Risk Mitigation
Risk Owner
Risk Profile
Risk Rating
Risk Register
Risk Response
Risk Tolerance
Risk Treatment
Root Cause Analysis
Stakeholder
Strategic Risk
Target Risk
Three Lines of Defense
Clauses
Purpose and Scope
Governance and Oversight
Risk Assessment Methodology
Risk Identification
Risk Analysis
Risk Evaluation
Control Design
Control Implementation
Control Testing
Documentation Requirements
Roles and Responsibilities
Reporting Requirements
Review and Monitoring
Risk Treatment
Compliance Requirements
Performance Measurement
Quality Assurance
Record Keeping
Confidentiality
Data Protection
Business Continuity
Risk Categories
Control Categories
Assessment Frequency
Stakeholder Communication
Training Requirements
Audit Requirements
Change Management
Exception Handling
Escalation Procedures
Governance and Oversight
Risk Assessment Methodology
Risk Identification
Risk Analysis
Risk Evaluation
Control Design
Control Implementation
Control Testing
Documentation Requirements
Roles and Responsibilities
Reporting Requirements
Review and Monitoring
Risk Treatment
Compliance Requirements
Performance Measurement
Quality Assurance
Record Keeping
Confidentiality
Data Protection
Business Continuity
Risk Categories
Control Categories
Assessment Frequency
Stakeholder Communication
Training Requirements
Audit Requirements
Change Management
Exception Handling
Escalation Procedures
Relevant Industries
Financial Services
Healthcare
Mining and Resources
Manufacturing
Technology
Retail
Transportation and Logistics
Government and Public Sector
Education
Professional Services
Construction
Energy
Telecommunications
Agriculture
Non-profit Organizations
Relevant Teams
Risk Management
Internal Audit
Compliance
Finance
Operations
Legal
Information Technology
Human Resources
Quality Assurance
Project Management Office
Strategy
Corporate Governance
Business Development
Health and Safety
Relevant Roles
Chief Risk Officer
Risk Manager
Compliance Manager
Internal Audit Manager
Chief Financial Officer
Chief Executive Officer
Operations Manager
Department Manager
Risk Analyst
Control Specialist
Governance Officer
Business Unit Manager
Project Manager
Quality Assurance Manager
Legal Counsel
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