Risk management policy

Policy Statement

The Water Corporation (the Corporation) recognises the direct relationship between effective risk management and the achievement of objectives within the Corporate Strategy. In order to proactively anticipate, assess, and manage all threats and opportunities to achieving its vision to ‘for our people, communities and state to thrive’, the Corporation has committed to the ongoing implementation of a whole of organisation Risk Management Framework.

The Corporate Risk Management Framework is consistent with International Standard ISO AS 31000:2018 Risk Management - Guidelines and is an integral component of the Corporation’s corporate governance. The standards based, whole of organisation approach to embedding risk management drives risk based decision making through all levels of the Corporation and supports consistent application of the corporate methodology. 

As a baseline set of principles to be complied with, it is expected that all planning, executing/operating, and responding/recovering activities must:

1. Apply a risk-based approach referencing the Corporation’s Corporate Risk Assess Criteria.
2. Be appropriately prioritised and managed in-line with the relevant standards, legislative and regulatory requirements.
3. Be performed in a clear, transparent, consistent, integrated and documented manner.

Purpose

The purpose of this policy is to clearly describe the Corporation’s approach to anticipating and managing the risks involved in all aspects of its activities within the parameters of the Board approved Risk Appetite Statements. The policy provides a principles-based approach to guide professional judgement, promote consistent and transparent decision-making; and ensure risk based decisions are evidenced for future reference.

The Corporation will apply assertive and competent leadership to affect risk management and the resolution of incidents under the Corporate Risk Management Framework.

The objectives of this policy are:

• That risk management forms an integral part of all decision making and is adopted throughout the Corporation as a prudent management practice.
• To ensure that all employees, contractors and partners are made aware of the need to manage risk, and to promote a culture of participation in the process.
• To set the standard for the risk management process and subsequently the management of risk.
• To direct effective organisational resilience related practices including Incident Management, Emergency Management, Crisis Management, and Business Continuity Management (including Disaster Recovery i.e. IT Service Continuity Management).

Scope

This policy applies to Water Corporation employees, contractors and partners. All parties have a significant role in ensuring effective risk management in their area of business activity.