The Commonwealth Risk Management Policy (RM Policy) was formally launched on 2 July 2014. The RM policy supports the requirements of section 16 of the Public Governance, Performance and Accountability Act 2013 which requires accountable authorities of entities to establish and maintain systems and appropriate internal controls for the oversight and management of risk.
Under the RM Policy, non-corporate Commonwealth entities must comply with nine elements, which reflect the fundamentals of effective risk management. The goal of the RM Policy is to embed risk management as part of the culture of entities where the shared understanding of risk leads to well informed decision making.
A Guide to Implementing the Commonwealth Risk Management Policy is available which provides practical advice and suggestions on how to approach implementing each element of the RM Policy. The Guide is also available as an interactive E-Book which contains links to additional content.