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Every organisation must take risks in order to achieve its objectives. The effective management of risk is a key element of the corporate governance and assurance framework within the Probation Board for Northern Ireland (PBNI). Risk management enhances strategic planning and prioritisation, assists in achieving objectives and strengthens the ability to respond to challenges faced. In order to meet objectives successfully, improve service delivery and achieve value for money, risk management must be an essential and integral part of planning and decision making.
The key elements of the risk management framework are stated in the next section. It is intended that this framework can be applied at all levels of risk management across the organisation to achieve a uniform approach and to provide a useful management tool to assist with good governance arrangements. This guidance reflects the updates contained within HMT's The Orange Book - Management of Risk - Principles and Concepts(external link opens in a new window / tab).
Within the organisation it is the role of the Accounting Officer to ensure that risks are effectively managed. It is the role of the Audit and Risk Assurance Committee (ARAC) to oversee the development and implementation of the Board’s Risk Management Framework and monitor the Board’s Strategic Risk Register. The Strategic Risk Register is a live document which is maintained and reviewed on a quarterly basis by the Board’s Senior Leadership Team (SLT). Risks are assigned to a risk owner at Director / Head of Business Area level, who is responsible for implementing measures to control the impact and likelihood of the risk occurring. In addition, Directors / Heads of Business Areas are responsible for the escalation of risks within their work area to the Strategic Risk Register for consideration by SLT and ARAC.