Risk management is an integral part of good business management.
In the relevant standard, AS/NZS 4360 – 1999, it is stated that, “Risk management is recognised as an integral part of good management practice.” PCQ is committed to complying with AS/NZS 4360 - 1999. PCQ believes that to be effective, risk management should become part of an organisation’s culture. It should be integrated into the organisation’s philosophy, practices and business plans, rather than be viewed or practiced as a separate programme.
PCQ has developed a Risk Management Manual to assist PCQ to achieve the objectives of developing and implementing a Risk Management Programme that is an integral part of its business. It is important, if successful risk management is achieved, that risk management is seen as simply a tool to assist PCQ’s decision-making processes, and is not viewed as some separate discipline or entity that has in effect “a life of its own”.
The Risk Management Manual predominantly addresses the operational aspects of risk management applicable to PCQ operations. The scope of the manual includes:
PCQ head office activities
PCQ facilities in its ports managed by regional staff
ports where PCQ owns assets but the management and operation is by other parties (excluding privately owned facilities)
community ports
areas owned or leased by PCQ, where port activities currently are not in place.
PCQ’s Risk Management Programme covers all aspects of operational and development risk. In keeping with good risk management practice, the broad approach of the programme is to identify risks and then reduce risk exposures and minimise losses, while at the same time recognising and grasping opportunity. The Risk Management Manual and the procedures and policies contained therein, or referenced by it, focus predominantly on operational aspects of risk management.
QUARTERLY RISK MANAGEMENT REPORT
A report is produced each quarter, giving a summary of the status of the risk management programme within PCQ. The report is grouped by Department and then by risk element. Where relevant, graphs and tables to aid in trend analysis are provided. The Manager Corporate Strategy is responsible for the collation and distribution of the report.
The risk management systems and major risk areas are subject to an external audit. Internal audits are conducted as required based upon risk assessment. Any overall risk management system audit is conducted in addition to any specific audits undertaken with respect to environment, health and safety, etc.
Responsibility for risk management rests with all employees within PCQ, with authority and accountability consistent with their level within the organisation. In addition to these responsibilities, the Manager Corporate Strategy has a coordination role to assist in the ongoing implementation and management of the PCQ Risk Management Program including periodic revisions to the register and manual.
Click here to view the PCQ Risk Management Policy.
Ports Corporation of Queensland Limited ACN 126 302 994
