One of the VMIA's key functions is to monitor risk management across our clients and to establish assessment programs that allow our clients to identify, quantify and manage risk.
The State of Victoria, through the Victorian Government Risk Management Framework, encourages enterprise risk management (ERM) as a better practice approach to managing future threats and opportunities. The VMIA’s programs aim to support our clients to improve their management or risk in a consultative, tailored way. Ultimately, we believe that good ERM will reduce adverse outcomes to the State.
Our assessment programs
The VMIA has two assessment programs available to clients, which have been designed in consultation with our clients, Government departments and other agencies, and incorporate best practice principles. These programs continue to be developed in response to client feedback and changes in accepted practices.
- Risk Framework Quality Review (RFQR)
Designed for our mid to large sized client organisations, RFQR suggests a pathway for improvement, engages organisations in a positive conversation about risk and promotes ERM as better practice.
- Site Risk Survey (SRS)
SRS combines the ability to report to clients who own significant physical assets on the engineering-based improvements to these sites with a need to inform our reinsurers overseas of the risks to our key insured assets.
Assessment and benchmarking
A difficulty with providing meaningful benchmarking information is that our clients represent a diverse range of organisations. We publish high level information about our risk assessment programs, but ultimately, our clients’ objectives and operating environments do not allow a useful comparison. We believe in helping our clients to forge their own way forward while providing common better practice suggestions for improvement.
Further information
To find out more about the VMIA’s client risk assessment programs, please contact our Risk Management Team on 03 9270 6900 or by email risk.info@vmia.vic.gov.au.
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