The Risk Assessment and Management Policy serves as a foundational document for organizations operating in Australia, establishing a structured approach to managing risks across all operational areas. This document is essential for compliance with Australian regulatory requirements, including the Work Health and Safety Act 2011, Privacy Act 1988, and various state-specific regulations. Organizations should implement this policy to demonstrate due diligence in risk management, protect stakeholder interests, and maintain effective corporate governance. The policy typically includes comprehensive risk assessment procedures, control measures, reporting frameworks, and clearly defined responsibilities, making it particularly crucial for organizations seeking to establish or enhance their risk management capabilities.
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1. Purpose and Scope: Outlines the objectives of the policy and its application across the organization
2. Definitions: Defines key terms used throughout the policy including risk types, risk ratings, and technical terminology
3. Policy Statement: States the organization's commitment to risk management and overall approach
4. Roles and Responsibilities: Details the responsibilities of board, management, risk officers, and employees in risk management
5. Risk Management Framework: Describes the organization's systematic approach to managing risk, including risk appetite and tolerance
6. Risk Assessment Process: Details the methodology for identifying, analyzing, and evaluating risks
7. Risk Treatment and Control Measures: Outlines how identified risks should be treated and controlled
8. Monitoring and Review: Describes processes for ongoing monitoring of risks and review of control effectiveness
9. Reporting Requirements: Specifies internal and external risk reporting procedures and frequencies
10. Documentation and Records: Details requirements for maintaining risk management documentation and records
1. Industry-Specific Risk Considerations: Additional section for organizations in regulated industries (e.g., financial services, healthcare) addressing sector-specific risks
2. Crisis Management and Business Continuity: Optional section linking risk management to crisis response and business continuity planning
3. Environmental Risk Management: For organizations with significant environmental impact or requirements
4. Information Security Risk Management: Detailed section for organizations handling sensitive data or with significant cyber risk exposure
5. Project Risk Management: For organizations regularly conducting major projects or transformations
6. Supply Chain Risk Management: For organizations with complex supply chains or critical supplier dependencies
7. Change Management Procedures: For organizations undergoing frequent changes or with complex change management needs
1. Risk Assessment Matrix: Template and guidelines for risk rating and assessment
2. Risk Register Template: Standard format for documenting and tracking risks
3. Control Assessment Checklist: Checklist for evaluating control effectiveness
4. Risk Management Process Flowchart: Visual representation of the risk management process
5. Incident Reporting Forms: Templates for reporting risk incidents and near-misses
6. Risk Categories and Examples: Detailed list of risk categories with examples relevant to the organization
7. Key Risk Indicators (KRIs): List of key metrics used to monitor risk levels
8. Roles and Responsibilities Matrix: Detailed RACI matrix for risk management activities
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