Risk and Insurance

Accountable authorities are required to establish and maintain appropriate systems of risk oversight, management and internal controls for the entity.

Managing risk will help your entity identify threats and opportunities in the course of achieving its strategic objectives. Understanding these threats and opportunities will assist in improved implementation of your entity’s outcomes.

Topics covered in this section of the guide:

  • establishing a risk management framework
  • insurance services provided by Comcover

Workers compensation insurance is covered under Work Health and Safety

Useful resources and contact information are available in the tables below.

 

Establishing a risk management framework

When establishing a new entity the accountable authority should:

  • Define your entity’s approach to managing risk.
  • Define your entity’s appetite and tolerance for risk.
  • Articulate the key accountabilities and responsibilities for managing risk (see the Commonwealth Risk Management Policy).
  • Document, monitor and report risks.
  • Establish processes to support a positive risk culture.
     

Key tasks

Task

Explanation

Resources

Contact

Establishing a risk management framework

The Public Governance, Performance and Accountability Act requires accountable authorities establish and maintain appropriate systems of risk oversight, management and internal controls for the entity.

Establishing a risk management framework

Understanding Risk Appetite and Tolerance

Commonwealth Risk Management Policy

Developing a Positive Risk Culture

Implementing the Commonwealth Risk Management Policy (RMG211)

Department of Finance

1800 651 540

comcover@comcover.com.au

 

Insurance services

For entities classified to the General Government Sector, Comcover will provide cover for all normally insurable risks (excluding workers’ compensation).

Entities outside the General Government Sector will need to arrange for commercial insurance policies for your entity.

How do I arrange insurance cover with Comcover?

Eligible entities will be automatically covered from commencement.

However, you will need to contact Comcover and complete a New Entity Information Questionnaire in order to set up the Fund Member account and gain access to the full suite of Comcover benefits.

Accessing Comcover’s services

Once Comcover has processed the New Entity Information Questionnaire, you will be notified of your entity’s Comcover membership number and assigned a Relationship Manager.

Your Relationship Manager will be your dedicated point of contact going forward, and will assist you in accessing the services available to your entity.

More information, including the Statement of Cover, fact sheets and other resources, is available from the Comcover website.

About Comcover

Comcover is the Australian Government's self-managed insurance fund. It provides cover for all normally insurable risks (excluding workers’ compensation) to entities classified to the General Government Sector.

Comcover also provides Fund Members with access to:

  • claims management services
  • insurance advice and assistance with managing your insurance arrangements
  • overseas medical, security and travel assistance services
  • insurance broking services for risks outside of our Statement of Cover
  • risk management services
  • education and training services.

Comcover is administered by the Risk and Claims Branch in the Department of Finance and contracted service providers. Contact Comcover on 1800 651 540 (select option no. 3) or email comcover@comcover.com.au.

Key tasks

Task

Explanation

Resources

Contact

Contact Comcover and complete a New Entity Information Questionnaire

This is required to set up your Fund Member account and gain access to the full suite of Comcover benefits.

Comcover website

Education program

Department of Finance

1800 651 540

comcover@comcover.com.au

 


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