BUSINESS RISK REVIEW

The Department is undertaking a project to implement an internal audit function. Identified within this project is the need for an assessment of the Department’s business risks. The Provider is to prepare a report for the Department that details: · the methodology used by the Provider in its review of the Department’s business risks; · the findings of its review of the Department’s business risks; and · the Department’s business risk register. The Department views a business risk register as a listing of high-level business risks with: · a description of each risk; · an assessment of the consequences of the risk should it occur; · a rating as to the likelihood that the risk will occur; and · a risk rating for each risk. AS 4360:2004 Standard is to be the basis of formulating the business risk register.