About the guide

This page is dedicated to supporting clients with the VMIA “Guide for developing and implementing your risk management framework”. The guide has been developed by the VMIA with a cross section of public sector clients to promote a common understanding and language when developing, implementing and monitoring an organisations risk management framework.

The guide aligns with the Australian/New Zealand Risk Management Standard (AS/NZS4360: 2004) and the draft ISO31000 Risk Management Standard.

The “Guide for developing and implementing your risk management framework” also supports the "Victorian Government Risk Management Framework" released by the Department of Treasury & Finance which includes:

• the adoption of the risk management standard AS/NZS 4360 across public sector entities
• an attestation in annual reports that risk management processes consistent with the standard are in place, risks are effectively controlled and managed and that the risk profile of the organisation has been reviewed within the last 12 months and
• the adoption of risk management across all the organisation’s important practices and processes including consideration of interagency and statewide risks.

The guide has been developed to support organisations with varying degrees of risk management maturity, recognising that risk management is a continuous journey.

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Document structure

The “Guide for developing and implementing your risk management framework” comprises of an introduction, three key sections covering the topics of developing, implementing, and monitoring/enhancing a risk management framework and a series of tools or templates as noted above.

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Guide for developing and implementing your risk management framework

The main topics covered within each of the sections can be seen in the image above. Each section includes references to templates and good practice examples which are included in the toolkit and can be downloaded separately.

You may download the section that you are interested in or the complete guide.

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Download relevant sections

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Templates

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Important note: Risk Recording and Reporting Tool

The VMIA is currently developing a risk management software application that will support risk recording and management reporting.

Clients are currently being identified to particpate in a pilot work group, to test the application in early 2009.

If you are interested in participating in the pilot work group, please contact Roger Gowlett.

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Feedback

We welcome your feedback on the guide. Please send through any comments to strategicrisk@vmia.vic.gov.au

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