Managing internal policy risk: Australia, the UK and the US compared

Figures & data

Table 1. Risk management process in USA, UK and Australia compared with the general risk management cycle.

Risk management processes	USA’s risk management structure	UK’s risk management structure	Australia’s risk management structure
Risk identification	Control environment	Risk identification and assessment	Establishing the risk management policy Establishing risk management framework Defining responsibilities Embedding risk management into business processes and systems
Assessment	Risk assessment		Developing a positive risk culture Establishing communication and consultion about organization’s risk
Mitigation	Control activities Information and communication	Risk treatment	Understanding and managing shared risk Maintaining risk management capability
Review	Monitoring	Risk monitoring Risk reporting	Reviewing and continuously improving the management of risk