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Risk management

Risk management is a key element of good corporate governance and is a fundamental part of managing our business – ‘Creating a single integrated transport network accessible to everyone'.

TMR risk management and planning overview

Diagram – Risk management objectives
Risk Management Requirements – legislation, standards, governance Roles and Responsibilities Resources
  • Financial Accountability Act 2009
  • Risk Management – Principles and Guidelines AS/NZS ISO 31000
  • TMR Governance Framework
  • Financial and Performance
  • Management Standard 2009
  • Queensland Treasury Guidelines
  • Director-General
  • Executive Leadership Team
  • Audit and Risk Committee
  • General Manager
  • Risk Advisory Services Team
  • Risk Management Reference Group
  • TMR employees, include contractors
  • TMR Risk Management Framework
  • Risk Management Organisational Policy
  • Risk Management Practice Guide
  • TMR Risk Registers
  • Tools and templates including risk registers

Our purpose is to develop capabilities in risk management to ensure consistent and effective assessment of risk across the department. We acknowledge that successful risk management will be achieved through the development of a culture where risk management is embedded into business processes.

Risk management framework

The department's risk management framework provides a structured approach to identifying, assessing and managing risks relating to its business operations and delivery of projects and programs. The framework aligns to the Australian and New Zealand International Standard for Risk Management, AS/NZS ISO 31000.

Risk Management Strategy

The objective of our strategy is ‘continually improving our risk management culture and capabilities'.

We achieve this by focusing on the following key areas:

Audit and Risk Committee

The Audit and Risk Committee plays a key role in TMR, ensuring the organisations risk systems and processes are effective. Through this committee, the Director-General meets his obligations for risk management and compliance with legislative and regulatory requirements. Essentially, the committee provides an independent assurance role by monitoring the effectiveness of the department's risk management framework.

Executive Leadership Team

The ELT meets regularly to monitor and review risks and related risk activities. The leadership team provides strategic advice and direction on proactive management of the department's risks. In the 2016–17 financial year, the ELT focused closely on ensuring TMR's strategic risks were identified and clearly understood to enhance their management across the department. The risk framework approved by ELT also requires business areas to integrate their risk management activities with their business planning activities and strategies. As a flow on from this, a quarterly risk report providing an organisational view of risk is compiled for the Executive Leadership Team and the Audit and Risk Committee.

Risk achievements

During the year, we:

Risk Management System

A decision was made to replace the current risk management approach, which uses excel spreadsheets, with a new and contemporary risk management solution. This is expected to significantly enhance TMR's visibility and rapid response to risks, whilst also achieving efficiencies in the risk management process. It is expected this system will be implemented through a phased approach over three years with the first phase completed in the 2017–2018.

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