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Compliance

As part of the organisation's risk management process, it should:

  • Be aware of the environmnet it is operating in. This would include the:
    • Rules
    • Regulations
    • Legislation
  • Identify the risks:
    • Sources of risk;
    • When and where the risk could happen;
    • The effect of the risk on the organisation's objectives; and
    • Who might be impacted.
  • Analyse the risks
    • Consider the likelihood and consequences of the risk happening.
  • Evaluate the risks
    • What is the organisation's risk tolerance, high or low?
    • Can the risk be dealt with?
    • Is it tolerable or intolerable?
  • Deal with the risks
    • Select how to deal with the risk
      • avoid the risk
      • take the risk
      • minimise the risk
  • Remove the source of the risk
  • Change the consequence of the risk
    • assess the cost and benefits of delaing with the risk
    • deal with the risk

 

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Did you know?

Australia's most successful Olympic event is the Men's 1500m Freestyle.

Quick numbers

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