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.
Since 2014, there has been a steady improvement in the management of risk in relation to establishing appropriate frameworks for managing risk.
The Independent Review into the Public Governance, Performance and Accountability Act 2013 and Rule recommended Finance ‘review and determine whether any aspect of the Commonwealth Risk Management Policy and the Comcover Benchmarking Survey Tool require changes to be made to improve coherence and operation’.
In line with this recommendation, a review of the Policy was undertaken in the second half of 2021. The review was over seen by a Steering Committee comprising of senior executives from key Commonwealth entities.
The Policy has been provided to Commonwealth entities and industry bodies for feedback prior to being finalised and introduced on 1 July 2022.
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