Territory Stories

Statement of Corporate Intent MAC Business 1 July 2006 to 30 June 2009

Details:

Title

Statement of Corporate Intent MAC Business 1 July 2006 to 30 June 2009

Other title

Tabled paper 822

Collection

Tabled papers for 10th Assembly 2005 - 2008; Tabled papers; ParliamentNT

Date

2007-02-22

Description

Deemed

Notes

Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.

Language

English

Subject

Tabled papers

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Series/C1968A00063

Parent handle

https://hdl.handle.net/10070/283640

Citation address

https://hdl.handle.net/10070/410715

Page content

2.8 TIO Group Risks TIO Group has developed and implemented, Australian Standard 4360-aligned, Risk Management Framework (the "Framework"), which sets out criteria for the identification and assessment of risk and the effectiveness of mitigating controls. It should be noted that the TIO Group perspective of risks are provided on the basis that, TIO (the legal entity) is a key provider of services and shared services to the MAC Business. The Framework and other broader TIO Group risks are provided in order to show the totality of the group operation managing all risks including the MAC Business. The Framework gives effect to the Board's risk appetite (tolerance) through the allocation of responsibilities to 'risk owners' and in setting mandatory risk thresholds for reassessment and the development of treatment strategies. Under the Framework, TIO has identified the risks that pose the greatest threat to TIO's ability to achieve its vision and objectives. These risks have been designated as 'corporate' risks. The corporate risks have been allocated to risk owners who are responsible for periodic assessments, assessing and monitoring the effectiveness of the key controls that manage that risk and the development of mitigation (treatment) plans where the risk profile is unacceptable. A corporate risk register records details of assessments, controls and mitigations to enable reporting to management and the Board from a consolidated 'organisational risk profile' level through to individual risk exposures with the ability to map trends over time. The identification and assessment of TIO's key corporate risks is the main driver of the organisation's internal audit plan. The internal audit plan is designed to deliver a comprehensive and independent assurance program focusing on the key risk areas and the effectiveness of the controls in place to manage those risks. An organisation's risk profile is never static and a number of new initiatives identified in this Statement of Corporate Intent have the potential to give rise to new exposures. Given that, in some cases, these risks are still emerging and sufficient clarity does not exist to enable a formal assessment, a watching brief will be kept on the following: Development/management of MAC care facility Catastrophic event (claims exceeding reinsurance) Creation and operation of the MAC statutory fund Treasury and APRA prudential standard regime Risk mitigations in the Statement of Corporate Intent While the majority of the risk mitigation actions are already embedded in existing processes and subject to review and incremental improvement, the development of this Statement of Corporate Intent provides the opportunity to plan for significant new risk treatments. 18 Statement of Corporate Intent - MAC


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