Risk Management is a tool that assists you to predict future events that may impact (positively or negatively) on our business activities and to take appropriate actions to address the impact of these events.
A risk management programme includes the 7 steps to effective risk management:
- Communication and consultation
- Establish the context
- Identify the risks
- Analyse the risks
- Evaluate the risks
- Treat the risks
- Monitor and Review
Your risk management program is one of the general conduct obligations for credit licensees. To ensure your compliance you need to test yourself against all your policies regularly, document the results and take action to fix any areas of non-compliance.
QED CompliFast is an online compliance monitoring system that Australian credit licensees use to meet their NCCP compliance obligations. With different areas tested quarterly, QED CompliFast ensures adequate testing, documentation and recommended action plans.