These definitions are from the Australian/New Zealand Standard, Risk Management.
Risk management process
Risk management framework
Risk management as a framework for regulators
Risk management is particularly relevant to regulators. Where there is potential for harm and citizens don't have the knowledge or other resources to protect themselves, governments step in and create the rules of engagement.
You could, in fact, say risk management is the core business of regulation - reducing harm and increasing quality by implementing standards, registering participants, educating the public and dealing with issues.
When the goals are broad - like public safety - and there are challenges on every side, a risk framework helps you develop a workable strategy for achieving your regulatory objectives by - setting priorities, allocating scarce resources, and employing effective tools and tactics.
The cornerstone of our work is assisting you to integrate risk awareness and management into all aspects of your regulatory business.
Cast the net broadly
IN THE AREA OF COMPLIANCE
Encouraging compliance (and/or encouraging excellence that is on the other side of compliance) requires a powerful positive strategy.
RSG's approach uses risk management methods that recognize the importance of using strategies with complementary positive and negative impacts. We bring focus, passion, rigorous thinking and experience to help regulators develop and execute positive strategies.
IN THE AREA OF ENFORCEMENT
RSG's risk assessment methods help you focus limited investigation resources on the risks that are most intolerable. They allow enforcement to play a strong role in informing the development of policy, standards and regulations.
IN THE AREA OF STAKEHOLDER CONSULTATIONS
Consultation establishes important information about how your stakeholders view risk. Stakeholder experience and expertise will often improve the understanding of the threats that you manage. Taking account of a diversity of perceptions broadens risk assessment making it more successful. This review is intrinsic to the process of risk management as it helps "establish the context" within which the risk management is to take place.
RSG provides the structure and tools to support continual stakeholder conversations. Regulators need to have continual input that matches the evolution of risk in their jurisdiction.
IN THE AREA OF TRUST AND REPUTATION
Risk management is most successful when regulatory authorities and their stakeholders trust that they can count on each other. When you’re the regulator, your reputation not only precedes you but can also determine how successful you are in achieving your objectives. We help you assess your current situation and develop strategies for building trust and improving your reputation.