A key function of Comcover is to assist entities to build their capability to manage risk across the Australian Government. Comcover aims to enable entities to obtain the knowledge, skills and expertise that will assist them to successfully implement and integrate enterprise and insurable risk within their organisations.
Commonwealth Risk Management Policy
The Commonwealth Risk Management Policy (RM Policy) has been updated and will take effect 1 January 2023. 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 the 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.
The Policy is supported by a Resource Management Guide (RMG) and a Toolkit of practical guidance on how to implement the elements of the Policy for those entities seeking further assistance.