Our Enterprise Risk Management Framework provides a holistic view of our risks, threats and vulnerabilities across our administrative and operational areas. Our Audit Committee reviews the work program and risk information biannually.
Through a set of risk categories, the framework provides an end-to-end view of our risk and encourages different areas to work together to manage and treat risks.
We participate in Comcover's annual Risk Management Benchmarking Survey which benchmarks our framework and capabilities against other participating agencies. We achieved improvements in eight out of the 10 elements that comprise the survey, resulting in an 8.8% reduction in our 2013–14 Comcover premiums.
Our approach to risk management has again been recognised by Comcover with an award for our business continuity approach and a commendation for our Tax Practitioner Risk Differentiation Framework.
Progress in risk management will be assessed against an action plan and further improvements in the Comcover Risk Management Benchmarking Survey.
Our award winning Business Continuity Management capability ensures our essential services are maintained during a crisis, allowing us to better support the community.