Document ID: chunk:federal_register_of_legislation:F2013L01183:reg:8
Version: federal_register_of_legislation:F2013L01183
Segment Type: reg
Provision Reference: reg 8
Character Range: 6440–8121

8                         Risk management strategy
(1)          The risk management strategy must:
(a)          outline the risk governance relationship between the Board, committees of the Board and the senior management of the Agency; and
(b)          describe the processes for the Agency to identify and assess risks; and
(c)          describe the process for the Agency to establish mitigation and control mechanisms for individual risks; and
(d)          describe the process for monitoring and reporting issues in relation to risk (including the communication and escalation of such issues); and
(e)          describe how the Agency is to:
(i)            ensure that relevant staff are aware of issues relating to risk; and
(ii)         instil an appropriate culture in relation to risk; and
(iii)       ensure that the risk management strategy is accessible to the Agency's staff; and
(f)           identify persons and positions in the Agency with roles and responsibilites in relation to risk, or groups of such persons and positions, and set out those roles and responsibilities; and
(g)          describe the review process mentioned in paragraph 5(4)(d).
(2)          The risk management strategy, and any material amendments to the risk management strategy, must be approved by the Ministerial Council.  The Board must submit the strategy or amendments to the Ministerial Council as soon as reasonably practicable after the strategy or amendments have been approved by the Board.
(3)          The risk management strategy must be reviewed (including any reviews conducted in accordance with section 7) at least annually.

Part 4             Risk management function