Core Requirement 5 of NSW Treasury’s Internal Audit and Risk Management Policy for the NSW Public Sector (TPP 09-05) requires department heads and governing boards of statutory bodies to establish and maintain a risk management process that is consistent with the current Australian/New Zealand (AS/NZS standard on risk management). Standards Australia has adopted the international standard (ISO 31000), which it is has titled AS/NZS ISO 31000: Risk management – Principles and guidelines.
ISO 31000 consists of a set of principles, frameworks and processes aimed at improving decision making about risks and their management by reducing uncertainty and increasing the likelihood that organisational objectives will be achieved. It is not a compliance standard, but instead provides principles-based guidance on best practice.
Risk management, like other management systems, should be designed to meet an agency’s specific needs. NSW Treasury has developed a Risk Management Toolkit (NSW Treasury Policy & Guidelines Paper TPP 12-03) to support agencies to develop and implement their risk management framework and processes. The Toolkit provides detailed and practical advice on the various elements of ISO 31000, templates and some worked examples based on a hypothetical agency.
Volume 1 (TPP 12-03b)
Volume 2 (TPP 12-03c)
The Executive Guide has been developed to provide an overview and navigation aid to the Toolkit.
In addition, a number of the templates are available for download in Excel worksheet format so that agencies can tailor the templates to their own needs.
Suncorp Risk Services on behalf of NSW Self Insurance Corporation, has developed a learning and development program to accompany the toolkit. The program is open to all NSW Public Sector agency staff.
For a full listing of upcoming toolkit training please click on the following NSW Self Insurance Corporation website.
Suncorp Risk Services is available to help and support TMF agencies in implementing risk management. In the first instance please contact the Risk Management Toolkit Help Desk on (02) 8121 3289 or (02) 81213709 or e-mail firstname.lastname@example.org