where RISK MANAGEMENT the level of acceptable risk may need to be reviewed. The OTA has established and maintains – – appropriate systems of risk oversight, Monitoring of risks involves comparing our risk management and internal control in accordance exposure against our defined risk appetite and with PGPA adjusting decision-making, resourcing or activities Act requirements, including compliance with the to better align the two. Formal monitoring and Commonwealth Risk Management Policy. reporting structures include: Embedding risk management into » our Annual Performance Statement and performance management » quarterly reporting to our accountable processes enables us to plan, and to respond authority on overall risk exposure and appropriately to new challenges and alignment with risk policy opportunities. It also helps us to make decisions in achieving our purpose of » quarterly reporting to the Committee increasing access to life-saving organ and tissue on changes to our identified top 10 risks transplants and enabling better health outcomes » reporting to the Executive on the risk register for all Australians. by the CFO, including how risk levels align We recognise that the foundation of our risk with our risk appetite and tolerance management framework is a positive risk statements culture. Our staff, led by its Executive Group, » reviewing project/program-specific risk will continue to develop this culture through assessment plans on a needs basis, open, honest communication about risk, and by with reporting to the CFO. supporting and encouraging good risk management. More frequent reporting will be completed when required for example, in response to – We have defined our risk appetite and new or emerging risk areas, or significant tolerance within our risk management policy. changes in the risk environment. To ensure that we are working within these levels, and that We recognise that effective risk management is the defined levels continue to be appropriate, we a critical component of corporate undertake a continual reporting and monitoring governance, particularly in relation to the delivery process. This process informs us where additional of outcomes, transparency, and accountability to mitigation strategies/controls are required and the portfolio Ministers and the Parliament.
RISK MANAGEMENT The OTA has established – and maintains – appropriate systems of risk oversight, management and internal control in accordance with PGPA Act requirements, including compliance with the Commonwealth Risk Management Policy. Embedding risk management into and performance management processes enables us to plan, and to respond appropriately to new challenges and opportunities. It also helps us to make decisions in achieving our purpose of increasing access to life-saving organ and tissue transplants and enabling better health outcomes for all Australians. We recognise that the foundation of our risk management framework is a positive risk culture. Our staff, led by its Executive Group, will continue to develop this culture through open, honest communication about risk, and by supporting and encouraging good risk management. We have defined our risk appetite and tolerance within our risk management policy. To ensure that we are working within these levels, and that the defined levels continue to be appropriate, we undertake a continual reporting and monitoring process. This process informs us where additional mitigation strategies/controls are required and where the level of acceptable risk may need to be reviewed. Monitoring of risks involves comparing our risk exposure against our defined risk appetite and adjusting decision-making, resourcing or activities to better align the two. Formal monitoring and reporting structures include: » our Annual Performance Statement » quarterly reporting to our accountable authority on overall risk exposure and alignment with risk policy » quarterly reporting to the Committee on changes to our identified top 10 risks » reporting to the Executive on the risk register by the CFO, including how risk levels align with our risk appetite and tolerance statements » reviewing project/program-specific risk assessment plans on a needs basis, with reporting to the CFO. More frequent reporting will be completed when required – for example, in response to new or emerging risk areas, or significant changes in the risk environment. We recognise that effective risk management is a critical component of corporate governance, particularly in relation to the delivery of outcomes, transparency, and accountability to the portfolio Ministers and the Parliament.