The SCSA has formal policies and procedures in place to manage and monitor risk, including a risk register with all identified risks. The risk register is comprehensive, and includes an assessment and rating for each risk, along with mitigation actions and timing, and allocation of responsibility for the identified risk.
The SCSA has rigorous risk identification and management processes in place. In particular, this system includes:
• formal annual risk workshops (facilitated by the internal auditor) where risks are identified and treated
• follow-up reviews of identified risks
• risk management methodology reviews conducted by the Victorian Managed Insurance Authority
• adoption and application of the ANZS:4360 risk management standard
• status reports on key risks provided regularly to the SCSA board.