Risk management
Risk management embodies an organisational culture of prudent risk-taking within an
agency. It is the process of identifying, assessing and responding to risks, and
communicating the outcomes of these processes to the appropriate parties in a timely
manner.
An effective risk management system:
improves planning processes by enabling the key focus to remain on core business and
helping to ensure continuity of service delivery
reduces the likelihood of potentially costly ‘surprises’ and assists with preparing for
challenging and undesirable events and outcomes
contributes to improved resource allocation by targeting resources to the highest level
risks
improves efficiency and general performance
contributes to the development of a positive organisational culture, in which people and
agencies understand their purpose, roles and direction
improves accountability, responsibility, transparency and governance in relation to both
decision-making and outcomes. This is particularly important for public sector agencies,
which exist to deliver beneficial outcomes for the Queensland Government, industry and
the community, and
adds value as a key component of decision-making, planning, policy, performance and
resource allocation, when subject to continual improvement.