Guidelines for risk management across the organisation
Policy Statement
HomeWise Health (HWH) is committed to achieving best practice in managing risks that may adversely impact the organisation’s objectives, operations, assets, staff, clients, or members of the public. Risk management supports our ability to make informed decisions, provide quality services, and safeguard our people and reputation. In managing risk, HWH:
Implements and documents structured risk management processes.
Identifies risks and corresponding treatment options in line with internal procedures and recognised guidelines.
Actively mitigates and controls potential losses.
Seeks to reduce the financial and operational costs associated with risks.
Aims for best practice in risk governance and continuous improvement.
This Risk Management Policy operates alongside HWH’s broader Safety Management System, which includes a dedicated Work Health and Safety (WHS) framework.
Scope
This policy applies to all individuals and entities representing HomeWise Health, including:
Office-based team members
Home support workers
Contractors
Volunteers
Responsibility
Board and Executive Team: Ensure risk management is embedded in strategic planning and governance.
Managers and Team Leaders: Identify, assess, and manage risks within their areas of responsibility.
All field-based team members, Contractors, and Volunteers: Actively participate in identifying and reporting risks and complying with organisational policies and processes.
Definitions
Identifying Risks: The process of finding, recognising, and describing risks that may affect the achievement of objectives. Risk: A combination of the likelihood of an event occurring and the consequences if it does. Risks may impact positively or negatively. Unmanaged Risk: The level of risk is present before any treatment or control measures have been applied. Managed Risk: The level of risk that remains after the implementation of controls such as training, risk plans, or personal protective equipment. Risk Tolerance: The level of risk an organisation is willing to accept in pursuit of its objectives, with or without treatment. Risk Analysis: The process of understanding the nature, sources, and causes of identified risks to determine their impact and likelihood. Risk Assessment: The complete process of identifying, analysing, and evaluating risks to determine their severity and the appropriate response. Risk Evaluation: The stage of assessing whether a risk is acceptable or if further treatment is needed. Risk Treatment: Actions taken to modify risk. These may include:
Avoiding the risk
Removing the risk source
Reducing the likelihood or consequences
Sharing the risk with another party
Accepting the risk by informed decision
Consequence Descriptors
Reference: Dept of Health and Ageing Governance
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View full-sizeDownloadProbability Rare: <10% probability: Would occur only in exceptional circumstances Unlikely: 10-20%: Not expected to occur Possible: 20-50%: Could occur at some time Likely: 50-90%: Will probably occur in most circumstances Almost certain: 90% or greater probability: Expected to occur in most circumstances.
Risk Matrix Using the concepts of consequence and probability, the risk matrix helps determine the overall likelihood and severity of a risk to support effective decision-making.
The risk rating guides managers and the executive team in deciding whether a risk is acceptable—where a low rating may require minimal action—versus a high rating, which is considered unacceptable and demands targeted treatment to reduce or eliminate the risk. The table below
