When it comes to managing incidents, the difference between a rapid, coordinated response and a delayed and fractured one can have huge consequences to your bottom line and reputation.
When the federal budget was delivered last month, like most Australians, we were eager to see what it held for key areas of concern for our industry. From a risk management perspective, we’re pleased to see an emphasis on aged care, as there are some critical risks that need addressing in that area. In addition, there was a welcome focus on some of the factors that were ranked in the top 5 biggest risks facing Australian businesses in 2021 including the threat of natural disasters and the ongoing issues of cybersecurity. But does it go far enough? And are there areas that have been overlooked that should have been a priority? Below we provide an overview of 5 key governance and risk management takeaways from the federal budget.
While a risk register is a common feature in most organisations these days, there can be a vast difference in the value it brings. As a basic risk management tool it allows you to identify potential risks and track them for compliance. But it can be so much more.
Reporting should be incidental to any risk management process. As the last year has been quite the rollercoaster ride, it’s time to review your risk reports to ensure that your Board is seeing its latest state of risk, including ‘emerging risks’ and gaps in control measures, in order to be more effective looking ahead.
After the challenges of 2020 and the continuing impact of the global pandemic, risk awareness and prevention has taken on a whole new level of significance for businesses everywhere.