Attachment 6 Definition of Risk Status – Definition of Risk Status Operational Risk which occurs in, hampers, or impacts upon an individual Division, Department, Service Unit or area of an organisation. Risk which will impact upon or hamper across the organisation its Strategic ability to operate or deliver its policy, strategy or services. Commercial Risk such as a failed contract or business relationship. Technical Risk such as failed equipment and managing assets. Financial & Risk posed to Council’s financial systems and controls such as fraud. Systems Compliance Risks to meeting regulatory obligations. Source: Managing Risk Across the Public Sector - Good Practice Guide Auditor General Vic 2004 – Document Control Version: 3.0 Date: 17 November 2015 Author: Manager, Risk Management & QA: Business Support Contracts Compliance Officer Risk, Coordinator Owner: Risk Management and Contracts Review Annual Compliance Department Period: Revision Details Date Update Details Reviewed QA Approved 18 Adoption of Policy Risk Manager, Council 2013 Coordinator Risk Management & Contracts Compliance
Attachment 6 – Definition of Risk Status Definition of Risk Status Operational Risk which occurs in, hampers, or impacts upon an individual Division, Department, Service Unit or area of an organisation. Strategic Risk which will impact upon or hamper across the organisation its ability to operate or deliver its policy, strategy or services. Commercial Risk such as a failed contract or business relationship. Technical Risk such as failed equipment and managing assets. Financial & Systems Risk posed to Council’s financial systems and controls such as fraud. Compliance Risks to meeting regulatory obligations. Source: Managing Risk Across the Public Sector - Good Practice Guide – Auditor General Vic 2004 Document Control Version: 3.0 Date: 17 November 2015 Author: Manager, Risk Management & Contracts Compliance Risk, Coordinator QA: Business Support Officer Owner: Risk Management and Contracts Compliance Department Review Period: Annual Revision Details Date Update Details Reviewed QA Approved 18 2013 Adoption of Policy Risk Coordinator Manager, Risk Management & Contracts Compliance Council
risk-management-policy-2013-2015-review.docx