NSW Treasury has released a new guidance paper to support the improvement of risk management, culture and capability across the public sector.
Secretary of the Treasury, Michael Pratt said the Treasury Risk Maturity Assessment Tool Guidance Paper provided Agencies with a systematic and uniform approach for self-assessment.
Mr Pratt said the Tool allowed Agencies to measure risk maturity, identify areas to improve and communicate results to leadership teams as well as Audit and Risk Committees.
“The use of the Tool provides further assistance to Agencies to meet their obligations under section 3.6 of the Government Sector Finance Act 2018,” Mr Pratt said.
“The Risk Maturity Assessment Process on page five explains how to conduct a risk maturity assessment using the Risk Maturity Matrix and supporting information,” he said.
“The accompanying Spreadsheet on the Treasury website enables Agencies to apply this Guidance Paper to their Agency and produce a summary of their risk maturity assessment.”
Mr Pratt said the key benefits of the Tool included helping Agencies assess their own maturity level; identify specific areas to improve risk culture and capability; support whole-of-Government improvements to risk management through a uniform tool; and allow Agencies to compare their results over time.
He said the Tool was developed through a collaborative process sponsored by the Treasury.
The 15-page Guidance Paper can be accessed at this PS News link.
