WCQ646 | Risk Advisory Services

Brief

WorkCover is embarking on a comprehensive 2030 Strategy to enhance its processes, practices, and systems, guided by its vision to be the leading workers’ compensation insurer and to make a meaningful difference in people’s lives. As part of this strategy, WorkCover has identified an opportunity to strengthen risk maturity - an important step in realising its vision and ensuring the success of the 2030 Strategy. To achieve this uplift there are two (2) key projects: The Risk Frameworks Project (Project) will uplift enterprise risk capability by delivering key strategic enablers. This is a pre-requisite to a broader strategic initiative under the Risk Maturity Uplift Project. The Risk Maturity Uplift Project will focus on developing and implementing enhanced risk procedures and improving the existing Governance, Risk and Compliance (GRC) system. This project is still to be scoped and planned and does not form part of the scope of this engagement. The Risk Frameworks Project will advance a core organisational priority by establishing comprehensive risk frameworks and standards. This will include those for operational risk, to clarify responsibilities and promote consistent, transparent decision-making across the enterprise. The scope of deliverables within the initial engagement includes design activities and implementation planning for deliverables within scope. Design activities include: Design and develop framework, standard and governance. Consultation and feedback from key stakeholders. Endorsement through relevant governance. Implementation of deliverables is out of scope for this initial engagement and will form part of the abovementioned Risk Maturity Uplift Project. Note that it has been included as an optional item. Key outcomes include: Fit for purpose risk architecture that provides a structured and consistent framework for how risk information, processes, systems and governance interact across the enterprise, with consideration to the existing and board approved material risks. Well defined accountabilities for risk management to enable teams to take ownership of risks. Including clear articulation of roles and responsibilities, accountabilities and decision rights and escalation pathways. An agreed operating model design. Consistent and practical risk frameworks and supporting standards to ensure a consistent and transparent approach to identifying, managing and reporting risks, incidents, controls and issues throughout the organisation.