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Assess and manage risks

 

The responsible Minister The Crown entity Monitoring department
  • has a good understanding of the fiscal and reputational risks the entity faces

  • informs the Minister of Finance and the chair of potential and material risks to the Crown’s interests

  • when potential risks to the entity’s operations are identified, informs the entity as soon as is appropriate

  • develops a risk assessment and management system appropriate to its business and constituency

  • shares its register of material risks with the Department

  • focuses on continually assessing and managing the most significant risks in order to achieve maximum benefit 8

  • identifies, quantifies, analyses, mitigates and reports project and operational risks

  • identifies potential risks to the entity’s and Crown’s interests and informs the Minister of them

  • advises the Minister of the contingent risks facing the entity and its sector, where applicable

  • seeks information to identify risks to the entity, to facilitate risk monitoring and response

  • scans for and acts on emerging risks that may require a response


8: Often referred to as the 80/20 rule or Pareto Principle: the organisation assesses and manages the largest 20 percent of all risks in order to achieve 80 percent of the total achievable benefit.

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