Bridge Housing develops a new Risk Management Plan for each financial year. Our plans comply with AS/NZS ISO 31000:2009, and work in concert with our Enterprise Risk Management and Compliance System, Complispace.
In particular, Bridge Housing has identified and prepared strategies to address the key risks associated with the transition from housing management to undertaking property procurement, development and increased borrowing.
The Risk Management Plan 2016-17 was developed through a review process of our current external and internal operating environment, our current Business Plan and previous Risk Management Plan. This resulted in a re-evaluation of existing risks, introduction of new risks in the Risk Register and a re-rating of other risks.
Our Risk Management Plan enables us to identify and record potential risks that may prevent us from meeting our objectives. It identifies high-level risk control strategies to avoid or mitigate the risk impact.
Complispace enables us to manage risk control strategies by linking tasks to each risk. Each task is assigned a due date and is allocated to a responsible executive member of staff to manage.
Bridge Housing’s management is responsible for monitoring and reviewing risks. Management:
- Monitors individual tasks monthly by exception at its Executive Management Meeting
- Reports on high and extreme risks to the Board on a quarterly basis
- Reviews risks and risk ratings on an annual basis, as a part of our annual business planning process
- Allocates more frequent reviews for some individual risks based on the nature of the associated risk.