The Commonwealth Risk Committee (the CRC) met on the 14 November 2024 via Microsoft Teams to discuss the following matters:
Commonwealth Risk Committee Evaluation Report Findings
The Committee considered the findings of the first annual evaluation of the CRC, which identified ten key recommendations grouped into four thematic areas:
- visibility and communication,
- agenda setting and strategic planning,
- operational improvements and
- enhancing the Committee’s scope and impact.
The Committee discussed practical steps to implement these recommendations.
The Committee agreed to prioritise these initiatives over the coming year to enhance effectiveness, efficiency and overall impact of the CRC.
Trust in Government: Misinformation and Disinformation Management Practices
The Committee undertook the first of three in-depth analyses on the growing impact of mistrust in Government, focusing on the role of misinformation and disinformation in eroding public trust.
The discussion included strategies for managing these risks, drawing on international best practices and identifying current gaps in Australian management.
Further analyses will be conducted in early 2025 to develop a comprehensive understanding of this issue to inform the Committee’s recommendations.
Commonwealth Awards for Excellence in Risk Management
The Risk, Claims and Regulatory Reform Division of the Department of Finance provided an update on the outcome of the 2024 Commonwealth Awards for Excellence in Risk Management (the Awards).
The discussion focused on the winners and notable nominations, and Committee members offered suggestions for improving the Awards process.
Commonwealth Risk Management Benchmarking Program
The Committee noted an update on the 2025 Risk Benchmarking Program to be carried out by the Department of Finance. The Benchmarking Program allows Government entities to benchmark their current levels of risk management maturity against five identified areas of focus, compare their performance with nominated entities, identify areas for improvement and prioritise their risk management activities for the coming year.
Chief Risk Officers Network Re-Establishment
The Committee endorsed the re-establishment of the Chief Risk Officers Network (CRO Network) and agreed to serve as a guidance body for future CRO meetings.
Members reviewed and provided comment on the draft Terms of Reference in preparation for the CRO Network’s inaugural meeting.
Next Meetings
The next Commonwealth Risk Committee meeting is scheduled for 13 March 2025.
