Risk management is a fundamental part of the Directorate's governance framework and assists the Directorate in meeting its strategic and operational objectives.
In October 2020 the Directorate published a new Risk Management Policy and Framework, Risk Management Plan and Risk Management Standard Operating Procedure, which were guided by the ACT Government Risk Management Policy 2019. The new framework s ensures that is a strong alignment of risk management activities with strategic objectives and embeds risk management activities at all levels of the Directorate.
During 2020-21 the Directorate also established the Executive Risk Committee (ERC) to assist the
Director-General identify and manage risks in a consistent way, across the directorate. This includes ensuring processes are in place to identify, report and, where appropriate, make recommendations regarding key risks that may impact the delivery of the Directorate’s strategic objectives. This committee also works closely with the Audit and Risk Committee (ARC).
Risk Management Statement
The Directorate supports the ACT Government's commitment to 'managing risk to meet its fiscal, social and environmental responsibilities'. The Directorate is responsible for delivering a diverse and complex range of functions. By their very nature, some of these functions entail a significant amount of risk. To meet the Directorate’s objectives, risk must be actively engaged with.
The Directorate recognises that it is not possible or necessarily desirable to eliminate all risks inherent in each of its activities. Acceptance of some risk is often necessary to enable the fulfilment of responsibilities to the community or to help foster innovation and efficiencies in operations. The Directorate’s tolerance of risk will differ across functions and business activities. However, the Directorate does not accept a risk:
- knowingly threatens the health and safety of Directorate staff, customers or stakeholders, or
- relating to a fraud or integrity breach.