Financial and Performance Management Standard 2019

A department’s accountable officer or a statutory body must manage the strategic and operational risks of the department or statutory body in accordance with the risk management system for the department or statutory body.

Without limiting section 11, the risk management system must provide for—

mitigation of the risk to the department or statutory body and the State from unacceptable costs or losses associated with the operations of the department or statutory body; and

management of the risks that may affect the ability of the department or statutory body to continue to provide government services.

The accountable officer or statutory body may establish a risk management committee to help with the management of risks under subsection (1).

In establishing the risk management committee, the accountable officer or statutory body must have regard to the audit committee guidelines document.

In managing the strategic and operational risks of the department or statutory body relating to digital, information or communication technology, the accountable officer or statutory body must have regard to the QGEA.