5.1 Discuss with agency emerging issues and identify risks and consider monitoring requirements (Treasury and DPC)
The Department of the Premier and Cabinet (DPC) and Queensland Treasury will support agency risk management by:
- effective horizon scanning, that is, identifying medium and long-term socio-economic trends and alerting relevant agencies to the implications of these trends (this will in part be achieved by DPC in its management of the Government's Policy Development Program)
- providing advice and support on strategic risk management and the escalation of strategic risks as required (including via the Strategic Risk Management Guidelines)
- identifying, coordinating and monitoring strategic risks that may have a cross-agency or whole-of-Government impact, and reporting on the Government's overall risk portfolio to the first Strategic Cabinet meeting each calendar year
- supporting the consideration of strategic risks in the context of the Budget process, as appropriate.
The biannual Strategic Cabinet meeting and State Budget processes are two established means of ensuring Government has a good overview of whole-of-Government strategic risks. These processes allow for the detailed consideration of key strategic risks at significant points in the planning cycle.
Additionally, monitoring the delivery of approved Budget initiatives is part of Treasury's role. To assist in this process, early in each financial year, Treasury will discuss with agencies the significant issues and risks facing the agency in delivering its outputs, and the most efficient and effective ways in which Treasury can fulfil its monitoring role. This will be different for each agency, but may include discussion on the type of information that the agency will provide to Treasury for monitoring purposes, when the agency will provide the information, and the mechanism through which it will be provided (that is, through the Tridata system, or some other means).
These discussions will lead to the development of a Risk Assessment and Monitoring Plan (RAMP) for each agency. RAMPs are internal Treasury documents designed to ensure that monitoring is undertaken systematically, but also in a way that is most relevant for each agency's business.
Treasury also monitors the achievement of Outcomes (as set out in the Charter of Social and Fiscal Responsibility), to ensure that the Government is informed of risks and performance issues associated with its achievement in developing future Budget strategies.
Treasury prepares briefs highlighting risks and issues for each outcome for Treasury's Executive Management Group. These briefs (known as outcomes briefs) serve to inform the Committee of Budget Officials (COBO) through the Under Treasurer. They may also be used by Treasury Analysts in briefing CBRC on agency Budget submissions (see process 3.5).
Governance
These are internal Treasury processes.
Timing
Meetings with agencies will generally occur early in the year. These may be incorporated in other regular meetings - there is not necessarily a separate, discreet meeting to discuss monitoring issues.
Outcomes briefs are prepared in preparation for the development of annual Budget priorities (process 3.2).
Further information
The Strategic Risk Management Guidelines issued by the Department of the Premier and Cabinet and Queensland Treasury explain the whole-of-Government risk management framework.
Last reviewed 14 August 2009
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