Our core business is primarily one of risk management. As such, we have a mature risk culture. Our risk management framework and associated controls are aligned with better practice methodologies, and are consistent with the international standard on risk management (AS/NZS ISO 310000) and the Commonwealth Risk Management Policy 2014.
Risk management is embedded in our planning using a ‘top down-bottom up’ approach. Our executive formally reviews risks twice a year as part of their strategic (August) and operational (January) planning workshops. Divisions undertake two risk workshops annually as precursors to the executive workshops. Project and lower level business risks can be escalated at any time to divisional and executive level, and subsequently captured in divisional or strategic risk registers for ongoing monitoring and review as appropriate.
A review of our strategic risks is a standing agenda item for every Board Audit Committee meeting, and strategic risks are incorporated into briefings provided to the Board.Our strategic risks can be found in our current corporate plan on our website.
We provide insurance cover to Board Members and other officers in line with the PGPA Act. We are required by the Australian Government to use Comcover for our insurance needs.
Comcover’s relevant insurance policy covers legal liability (including legal costs) for our Board members and employees (directors and officers liability). The premium paid for this insurance for 2015-16 was $35,455 (GST exclusive).
We indemnify our staff from liability when acting in good faith (without recklessness or gross negligence) in the course or their employment with AMSA.