outline the process for reporting on risk and ongoing monitoring and review. Risk is the effect of uncertainty on objectives 1. Recognising that the ANAO generally has a low risk appetite regarding its business critical activities, the ANAO will also look to increase its engagement with risk in order to support innovation and a more positive risk management culture within the office. The Australian National Audit Office (ANAO) is a specialist public sector practice providing a range of audit and assurance services to the Parliament and Commonwealth entities. The ANAO Auditing Standards and the ANAO Independence Policy require staff and contractors engaged in audits to comply with the relevant provisions of the Accounting Professional & Ethics Standard Board, APES 110 Code of Ethics for Professional Accountants relating to independence. This will be achieved by working towards risk: The purpose of the Australian National Audit Office (ANAO), as outlined in the ANAOs 201718 Corporate Plan, is to support accountability and transparency in the Australian Government sector through independent reporting to the Parliament, and thereby contribute to improved public sector performance. Any queries about risk management in the ANAO should be directed to the Senior Executive Director, Corporate Management Groupthrough our contact page. to be taken immediately. The risk management framework is a six-step process created to engineer the best possible data security processes for institutions. Involves an assessment of risk events to determine required response. Evaluating the Risk Framework will typically be undertaken after assessing performance through the annual reviews outlined above and will consider whether the Risk Framework is: Evaluation will be supported by data gathered through the ASPC employee survey, through reporting to ANAO governance committees and through reviewing the outcomes of internal audits. All staff are required to complete a component of risk management training. ANAO failing to protect sensitive information resulting in loss. This periodic review of Risks in relation to audit are governed by audit standards that are incorporated into the ANAO Audit Manual. Situations where a threat cannot be reduced to an acceptable level are not entered into or allowed to continue. Day to day management of risk on behalf of SED CMG. The risk management framework should not attempt to replace the natural capability of people to manage risk; rather it should enhance good practices so that the process is reliable, comprehensive and consistent. The purpose and scope of the Risk Framework is to: The Enterprise Risk Register (ERR) identifies and assesses relevant strategic and operational risks and provides further details on the identified risks. Within the ANAO context this is the possibility of an event or activity having an adverse impact to such an extent, that it prevents the ANAO from achieving its purpose and outcomes. 2.2 Summary of AusNet Services risk management approach Risk management policy and framework 20. 3. Regular consideration of the risk management process enables the routine adjustments necessary to keep the process functioning well. 10. The success of CCAR depends on the effectiveness of how upstream operational risk framework controls have been designed, monitored, Following a risk analysis the risk rating determines the risk owners and required reporting obligations. Table1 identifies the risk owners and mitigation requirements based on the risk rating. As with any major initiative or program, having senior management involvement is critical. There is a consistent approach to the management of risks across ANAO. An event can also be something that is expected which does not happen, or something that is not expected which does happen. Strategic and operational risks are reviewed annually. The Best Practices Framework should be refined into a Management of Risk Framework for providing guidance to departments on how to address the organizational / strategy implication and the risk management process implications of any initiative they would undertake. The results of these reviews and interviews are consolidated to ensure a consistent and balanced assessment of OSFIs ERM within the Office. Risk is usually expressed in terms of risk sources, potential events, their consequences and their likelihood. The objective of the Risk Framework and associated programs of risk management activities is to support effective risk management across all ANAO operations. Training appropriate to the role supports staff to feel confident in escalating any perceived risks to their manager or an EBOM member. To provide for the maintenance of an effective risk management program the ANAO is committed to ensuring: The ANAO accepts that, on occasions, even with sound risk management practices, things may go wrong. The Risk Framework requires that risk assessments be undertaken in all key activities including when: All risk assessments and risk ratings will be documented consistently across all groups using the format on Audit Central. All standing committees provide oversight to specific areas of strategic operations and are responsible for identifying and managing risk on an ongoing basis. Further information on the steps involved in evaluating identified risks is available through the risk analysis tools available from CMG. All staff with risk management roles and responsibilities are provided with the necessary skills to undertake these responsibilities. The aim of risk identification is to develop a comprehensive list of events that may occur and, if they do, are likely to have an impact on the objectives of ANAO. The measurement of risk management performance will involve two activities: 1. Overarching risks, derived from considerations associated with the ANAOs purpose, delivery expectations and resource requirements. The corporate governance framework and related organisational capability support the ANAOs: EBOM ensure organisational accountability and transparency through oversight of the established standing committees. Any queries about risk management in the ANAO should be directed to the Director, Risk in CMG. Each sub-committee meets on a quarterly basis and has a standing agenda item to review relevant risks and identify any control issues. Group executive directors (GEDs) and senior executive directors (SEDs). Prepared for the Department of Once a treatment has been implemented it becomes a control. Changes in the ANAOs operating environment can impact the ANAOs risk management approach and the risk rating or risk tolerance for specific risks, and may directly affect the ANAOs ability to achieve its purpose. Every employee also has a role to play in contributing positively to this culture. Develop and maintain a risk reporting framework to enable regular reporting of key risks, and the management of those risks, to senior management. Coordinated activities to direct and control an organisation with regard to risk (ISO 31000:2018). assessing protective security requirements. The Professional Services and Relationships Group and the audit service groups have primary responsibility for managing audit risk. Figure2 represents this intersection of guidance. When a treatment or mitigation has been deployed as planned it becomes a control. Risk management is about more than the periodic review of a list of top risks. Determine whether a sound and effective approach has been followed in establishing business continuity planning arrangements, including whether business continuity and disaster recovery plans have been periodically updated and tested. The process of risk: identification analysis and evaluation. 7. Review and process improvement. Being an active member of associations such as the Australasian Council of Auditors-General (ACAG) and the International Organization of Supreme Audit Institutions (INTOSAI) helps manage this risk in a shared manner, whilst providing many ancillary benefits for cross-jurisdictional learning and collaboration. Monash GFV release the Final Report of the Review of the Family Violence Risk Assessment and Risk Management Framework (CRAF). The ANAO does not usually engage in activities that involve shared inter-entity or cross-jurisdictional risks. Risk Analysis provides an input to Risk Evaluation, to decisions on whether risks need to be treated, and on the most appropriate risk treatment strategies and methods. The Management Team will ensure that the results of its reviews are provided to Council for update of the Councils risk profile as appropriate. Measures or actions that affect a change on the impact or the likelihood of a risk event. Originally developed by the Department of Defense (DoD), the RMF was adopted by the rest of the US federal information systems in 2010.
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