The Commonwealth Risk Management Policy was introduced on 1 July 2014. The Policy was developed to support section 16 of the Public Governance, Performance and Accountability Act 2013 (PGPA Act), which requires accountable authorities to maintain systems of risk oversight, management and internal control.
A review of the Policy was undertaken in 2021 to assess the effectiveness of the Policy and consider what more needs to be done to enhance risk management across the Commonwealth and support Accountable Authorities with regarded to their obligation under Section 16 of the PGPA Act.
One of the recommendations of this review was to implement a Commonwealth Risk Management Framework (the Framework) to bring together those policy areas of Government responsible for risk to enhance the management of shared and common risks.
The Framework portal is now live on the Department of Finance website and provides a holistic view for the management of risk across the Commonwealth to support officials of Commonwealth entities.
The Framework does not introduce new requirements. Instead, it helps Commonwealth entities in the following ways:
- Promote existing risk resources of common and shared risks
- Identify the minimum risk management requirements
- Articulate responsibilities and governance arrangements for the appropriate management of shared risks to the Commonwealth.
Some ways Commonwealth Entities can use the Framework are included below:
Use the Framework to easily access information and resources from key risk policies across the Commonwealth.
Visit the Risk Committees, Forums and Networks page to see how inter-agency groups collaborate on risk management.
Explore the Commonwealth Risk Committee page to learn about its role and current discussions.
