To establish key principles regarding the systematic management of risk to support the achievement of South East Water’s corporate objectives and outcomes.
This policy applies to South East Water and its subsidiary, iota Services Pty Ltd, and is observed by all directors, employees, agents, contractors and other workers.
3. Sensitive Information
South East Water is committed to:
- Maintaining a corporate risk management framework and system in line with international standards, regulatory requirements and Victorian public sector requirements;
- Managing risk in accordance with our risk appetite and customer and stakeholder expectations
- Embedding robust risk management practices into our core activities and decision-making processes and across all our management systems, business processes and behaviours
- Identifying risk (continuously) while also ensuring risks are actively monitored, controlled, mitigated and reviewed
- Ensuring strategies are in place to take advantage of the opportunities associated with risk management while making the necessary resources available to integrate risk (and opportunity) management in the way we work
- Enabling and empowering employees in the management of risk and opportunity as it is relevant to their job roles
- Managing conflicting objectives
- Providing risk management reporting to monitor risk as well as the effectiveness of our risk management approach; and
- Ensuring periodic review of our approach to risk, and;
- Continuously improving the organisational risk management framework, including risk appetite, maturity and capability.
4. Related Policies
- Asset Management Policy
- Compliance Policy
- Code of Conduct
- Environment Policy
- Fraud and Corruption Policy
- Finance Policy
- Safety and Wellbeing Policy
- Security Policy
- Internal Audit Charter
- Quality Policy
- Treasury Policy
5. Enacting Legislation and Related Documents
- AS/NZS ISO 31000 Risk Management
- Financial Management Act 1994 (Vic) including the Ministerial Standing Directions
- Victorian Government Risk Management Framework
- Water Act 1989 (Vic) including the Statement of Obligations
The Managing Director is accountable to the Board of Directors for ensuring this policy is implemented.
Approved by: South East Water Board of Directors
Approved on: 24 May 2021
Sponsor: General Counsel, Strategy and Governance
Implementer: Manager Risk, Quality and Assurance
Review date: 24 May 2023
Managing our assets in a way that will meet customer and environment needs.
Our approach to compliance with laws, regulations and policies.
Ensuring we conduct ourselves within applicable laws, standards and Our Values.
Supporting the health and liveability of our customers, community through environmental outcomes.
Ensuring our finances are managed responsibly and efficiently.
Our commitment to the safety and wellbeing of people in all aspects of our business.
Ensuring product safety and process quality.