Managing risks
It is our responsibility to manage risks and associated opportunities in all areas of our operations. This ensures the efficient, effective and ethical use of resources and services by rate-payers, residents, staff and visitors.
Our risk management policy describes our commitment to managing risks and details the organisation’s objectives and key responsibilities.
Some types of risks managed by us include:
- the management of all infrastructure for the community, including roads, footpaths, parks and reserves
- the commitment to sustainability through the design, development and fit out of Council House 2
- the preparation for the inclusion of the Docklands precinct into the municipal area
- significant involvement in, or management of, major events in Melbourne including the 2006 Commonwealth Games and annual New Year’s Eve and Moomba Waterfest celebrations
- climate change adaptation of services, assets and infrastructure.
Monitoring risks
Risks are identified and mitigated at all levels of the organisation, using a top down and bottom up assessment process. We use the Australian and New Zealand and International Risk Management Standard (AS/NZS ISO 31000:2009) as our framework for managing risks. In addition to operational risks, risks associated with business plan and council plan items and objectives are also assessed and monitored.
Risk financing is also a key component of risk management at Council. The best mix of insurance and risk financing strategies are chosen to cover our legal liabilities and protect many of our assets.
We consistently monitor all areas of the organisation to improve managing our risks to achieve best practice.