While QGIF provides information on risk exposures, each agency is responsible for their own risk management strategies and deciding how to address these exposures. QGIF provides Agencies with monthly claims reports to assist Agencies with their risk management obligations.
Section 61 of the Financial Accountability Act 2009 requires agencies to establish and maintain appropriate risk management systems. Effective risk management enables agencies to have increased confidence that they can deliver the required services, manage risks and threats to an acceptable degree and make informed decisions about opportunities and challenges they face.
An effective risk management system:
- improves planning processes by enabling the key focus to remain on core business and helps to ensure continuity of service delivery
- reduces the likelihood of potentially costly surprises and assists with preparing for challenging and undesirable events and outcomes
- contributes to improved resource allocation by targeting resources to the highest level
- improves efficiency and general performance
- contributes to the development of a positive organisational culture, in which people and agencies understand their purpose, roles and direction
- improves accountability, responsibility, transparency and governance in relation to both decision-making and outcomes. This is particularly important for public sector agencies, which exist to deliver beneficial outcomes for the Queensland Government, industry and the community
- adds value as a key component of decision-making, planning, performance and resource allocation, when subject to continual improvement.