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A Guide to Risk Management
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The Financial Accountability Act 2009 (the Act) outlines a number of accountable officer and statutory body functions, one of which is the establishment and maintenance of an
June 2008
appropriate system of risk management (section 61).
The Financial and Performance Management Standard 2009 (the Standard), section 28, prescribes that the agency’s risk management system must provide for:
mitigating 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
managing the risks that may affect the ability of the department or statutory body to continue to provide government services.