Risk management planning: Challenges and opportunities

Assessing and managing risk is an essential element of good governance in any organisation. What does this mean for Aboriginal organisations many of whom operate in regional and remote areas, and whose activities are complex and diverse? How do you mitigate risk without stifling the work that must be done, and at what cost?

There is an ever-increasing demand for organisations, to complement their management with genuine risk management plans that clearly identify and explain key risks and include a framework and policy for mitigating those risks.

As a Commonwealth Statutory Authority, the Central Land Council (CLC) has a legal obligation to comply with the Public Governance, Performance and Accountability Act (Cth) 2013 by having a system for risk oversight and management. However, all organisations will inevitably have similar good corporate governance obligations in order to comply with their insurance company’s requirements to reduce risk and liability.

The Central Land Council (CLC) developed its new risk management plan in 2012.

This presentation will share the procedures followed by the CLC to develop and measure its risk profile, assess its risk appetite and produce a risk management plan that meets Australian Standards. It will also discuss how this has been aligned to organisational management and planning