The Province of Australia and South-East Asia (The Province) and Loreto Ministries (LM) are in the process of introducing a structured Province-wide approach to risk management. The Province Risk Management Committee had its first meeting in May 2020, taking charge of the project from the Interim Risk Management committee. The objective is to achieve an appropriate balance between realising opportunities and minimising risks, and to ensure that the Province (and related entities, excluding the Loreto Schools) are able to achieve strategic objectives, while operating with sound governance practices and ensuring safe workplaces. The schools and their respective Boards will maintain their existing risk management structures, systems and processes.
The Risk Management Project is key to achieving the Loreto Ministries Board Charter which states that the Board is required to:
Approve LM’s Risk Management strategy and monitor its effectiveness including satisfying itself through appropriate reporting and oversight that appropriate internal control mechanisms are in place and being implemented in accordance with regulatory requirements.
The Risk Management project has involved advice from Catholic Church Insurances and work with their Risk Partners, The CCI Risk Partners completed a data gathering process which included Risk Identification via interviews with Board Members and other stakeholders and structured surveys with a wide audience including Sisters, Province and LM employees. The information gathered has been reviewed by the Province Risk Management Committee and the final Risk Management Policy and related documents will be proceeding to the MWIA and LML Boards seeking their endorsement, prior to seeking Province Council approval in August 2020.
We are confident that this project will help drive the work of Loreto in Australia and South East Asia forward in the important area of risk management.