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Australian Government Develops Risk Management Policy

July 8, 2014 Posted by Peter Moore No Comments

Overview On July 1st 2014 the Federal Minister for Finance, Mathias Corman announced the release of the Commonwealth Risk Management Policy. The Policy supports the Public Governance and Accountability Act 2013. The Policy contains nine elements designed to improve business performance of government agencies through the application of risk management. This development reinforces the importance of risk management in all organisations and indicates a more mature approach in the application of risk management in doing business (albeit in this case, government business). It also sends a very positive signal to all organisations and demonstrates the maturing of risk management in Australia. Policy at a glance The Policy contains nine elements which are designed to strengthen the practices of Commonwealth entities by encouraging and guiding officials to engage with risk in a positive and transparent way. This is a new approach in managing risk to facilitate innovation and improve service delivery … (read more…)

Governance, Risk and Compliance (GRC) – Can They Be Integrated?

February 13, 2013 Posted by Peter Moore No Comments

Overview There is an emerging trend to incorporate the three related, but different disciplines of Governance, Risk and Compliance. Often the word or acronym “GRC” is used to abbreviate them. This month’s Risk View examines this trend and provides an explanation of the disciplines, the differences between them and the area of commonality.  It addresses issues associated with the notion that they can be put into one discipline or be managed by one role in the organization and highlights some of the dangers, or side-effects in following the GRC path. Governance Corporate governance is “the system by which entities are directed and controlled” (AS 8000 – 2003 Good Governance Principles). Governance is a whole of organization, or whole of business discipline which establishes the means by which the business is operated. This includes compliance to laws, establishing and pursuing objectives and strategies to achieve them, taking risk (pursuing opportunities whilst … (read more…)

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