Risk management

Helping the Victorian Government and our clients to effectively manage risk is critical to ensure that the State’s assets and services are available and protected for Victorians to enjoy, both now and in the future. We are guided by the Victorian Government’s Risk Management Framework which sets out standards of risk management required across the public sector and the VMIA Act 1996.

Risk management is a comprehensive process, supported by appropriate strategies and frameworks that are designed to identify, analyse, evaluate, treat and monitor those risks that could prevent an organisation from achieving its objectives. It covers strategic as well as operational, financial and compliance risks. The Victorian public sector and the private sector use the term ‘organisation’ or ‘enterprise wide risk management’ to describe this approach.

Management of risk is an integral part of good business practice and quality management. Learning how to manage risk effectively enables managers to improve outcomes by identifying and analysing the wider range of issues and providing a systematic way to make informed decisions. A structured risk management approach also enhances and encourages the identification of greater opportunities for continuous improvement through innovation.

Risk management assistance

The VMIA provides risk management assistance to clients in a range of ways, including:

• Training and forums such as bi-monthly risk management seminars, customised and ad-hoc training, assistance with in-house risk management workshops and risk management forums covering a wide range of topics.
• Publications such as quarterly editions of our risk management publication, Risky Business, Topical Risk Insights or Risk updates and ad hoc risk management bulletins and risk management resource links.
• Tools and guidelines such as the VMIA Developing a Risk Framework Guidelines [PDF 1.54 MB] and templates or the VMIA risk software  which can be accessed through this website.
• Advisory services through our client service teams for delivery of Risk Framework Quality Reviews, Site Risk Surveys and other specialist services.
• Support such as co-funding of client risk management initiatives through our Risk Partnership Program.