The TSRA manages risk in the following ways:
The TSRA faces risks that can significantly affect the achievement of its objectives. Risk is inherent in the achievement of its corporate strategies and in attaining the objectives of its programs and projects at every level of activity.
While the TSRA aims to minimise risks in critical areas such as health, safety and the environment, it adopts a risk managed approach to decision- making and devolves the management of risk to the most appropriate level within the organisation. The TSRA has formal risks and issues management processes for all projects, managed activities and programs.
- dynamic – by being responsive to change and assisting corporate learning and continuous improvement
- systematic – by being rigorous, transparent and explicit and taking into account stakeholder perspectives
- integrated and embedded – in so far as practicable, by reviewing established management planning, decision-making and reporting processes.
Risk management at TSRA is based on the better practice principles and processes outlined in the International Standard AS/NZ ISO 31000: 2009 Risk Management – principles and guidelines on implementation.