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Legislative Assembly for the ACT: 2000 Week 8 Hansard (31 August) . . Page.. 2849 ..
Options for treating risk are to:
� accept it;
� avoid it;
� reduce it; or
� transfer it.
Keep in mind that the costs of managing risks need to be commensurate with the risk exposure.
Specifying Quality Assurance is one way of managing risk eg to avoid late delivery, or goods or services not to specification. However, there may be many other risk treatments required throughout the entire process to reduce all the identified risks to an acceptable level. Specifying QA is one risk treatment that can be an integral part of the overall risk management plan.
Monitor and Review
This is a continual activity throughout the risk management process. It is necessary to note changing circumstances of the purchase, new risks and whether the impact on the risk management plan is effective and be prepared to change the plan.For higher priority risks, you should regularly liaise with stakeholders to ensure that procedures are in place to address the identified risks and that these procedures are adequate. It is preferable that the whole process be documented for audit purposes.
Determine whether the final outcome of the purchase has met agency objectives.
4. USEFUL CONTACTS
4.1 ACT Purchasing Policy
ACT Contracts & PurchasingDepartment of Urban Services
Level 4, Macarthur House
LYNEHAM ACT 2602
Telephone: (02) 6207 7377
Facsimile: (02) 6207 7366
Home Page: www.basis.act.gov.au
4.2 Ethics and AccountabilityEthics and AccountabilityOffice of Strategy and Public Administration
Chief Minister's Department
Canberra Nara Centre
CANBERRA ACT 2601
Telephone: (02) 6207 6136
Facsimile: (02) 6207 6200
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