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Risk Management

TMR is committed to effective risk management. The department has an active risk management culture that acknowledges the need for careful analysis and management of risk in all business practices.

Risk achievements

Key achievements in 2018–19:

  • reviewed the organisation’s strategic risks and risk appetite in line with the TMR Strategic Plan 2019– 2023
  • continued to progress the risk management activities surrounding culture, capability, governance and technology
  • risk management education and training has been provided to staff
  • expansion of the user base of TMR’s Risk Management System (RMS)
  • risk management activities and achievements were presented to the Executive Leadership Team and TMR’s Audit and Risk Committee.

Strategic Risks and Risk Appetite

During 2018–19, the ELT has been actively engaged with regarding risk management. Several interactions have occurred with the ELT and senior leaders across the department and work has progressed on both the Strategic Risks and TMR’s Risk Appetite documents.

The ELT risk sponsors will continue to be engaged to further develop the risk controls, control ownership and treatments for each strategic risk assessment and refine and build out a revised Risk Appetite Statement.

TMR Risk Management Strategy

Embed risk management in everything we do.

Strategic risk diagram showing the value creation and protection

Culture and Capability

  • All leaders and staff are actively involved in risk management and reflect appropriate risk behaviours
  • Open and proactive approach to managing risk that considers both threats and opportunities
  • Risk management communication, education and training programs
  • Senior management lead and promote risk management across the department

Governance, Assurance and Compliance

  • TMR staff are aware of their roles and responsibilities in regard to risk management oversight, accountabilities, decision making and ownership
  • Risks are identified, updated, reported accurately and timely
  • Accurate risk information is being escalated and reported to the right people at the right time
  • TMR’s risk management framework is embedded in all business activities

Process and Delivery

  • Risk management documentation and data is centrally stored and easily accessible
  • Risk registers across all business areas meet TMR’s mandatory requirements
  • Procedures for risk identification, assessment, evaluation and treatment are applied consistently across the department
  • Collaborative approach to managing shared risks 

Analytics, Tools and Technology

  • Key risk indicators
  • Use TMR’s Risk Management System to: 
    • improve visibility of risks, controls and treatments
    • share risk information across business areas to allow better insights and decision making relating to risks at all levels
    • perform risk management functions and processes in a consistent manner
    • provide easy access to real-time risk information
    • enhance risk analysis and reporting

Our opportunities and challenges

  • Improved accountability, assurance and governance
  • Develop a risk mature culture that recognises the benefits of proactive risk management