Document ID: chunk:federal_register_of_legislation:F2013L01183:reg:4
Version: federal_register_of_legislation:F2013L01183
Segment Type: reg
Provision Reference: reg 4
Character Range: 1714–3433

4                         General responsibilities of the Board
(1)          The Board must ensure that:
(a)          it prepares a written risk management strategy as soon as reasonably practicable after the commencement of these Rules; and
(b)          the Agency has a sound risk management culture; and
(c)          the members of the Agency's senior management take the steps necessary to monitor and manage all material risks that are likely to be faced by the Agency, consistent with the risk management strategy; and
(d)          the Agency's operational structure is such that it facilitates effective risk management; and
(e)          the Agency develops policies and processes for making decisions affected by risk that are consistent with the risk management strategy; and
(f)           the Agency dedicates sufficient resources to risk management; and
(g)          the Agency recognises the uncertainties involved in the measurement of risk and understands the limitations and uncertainties relating to the output of models used to measure components of risk; and
(h)          the Agency establishes, and has in place at all times, appropriate controls in relation to risk that are consistent with the Agency's risk profile and are understood by, and regularly communicated to, relevant staff of the Agency.
(2)          The Board must also ensure that the scheme actuary is involved in decisions made by the Agency and the Board in relation to risk, to the extent that that involvement is appropriate and consistent with the scheme actuary's duties and the National Disability Insurance Scheme—Rules for the Scheme Actuary 2013.

Part 3             Risk management framework and risk management strategy