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Risk Appetite Statement
About this Statement
The Gold Coast Waterways Authority (GCWA, the Authority) risk appetite outlines the amount and type of
risk that the Authority is willing to take in order to meet its strategic objectives.
It is expressed in the form of the Risk Appetite Statement below which covers a number of critical risk
categories as identified in the GCWA Risk Management Framework, Risk Policy and Risk Register.
As a general rule, a very low appetite represents activities the Authority will always avoid, whilst those
activities the Authority has a high Appetite for are actively encouraged.
Strategic Objectives
 We have a High risk appetite for activities that provide innovation whilst aligning to the strategic
direction of the Waterways.
 The Authority has a Very Low risk appetite for activities that pose a threat to the viability of natural and
built assets, compromise the safety and sustainable use and activities that promote the irresponsible
use of the waterways.
 We have a Low risk appetite for compromising strategic objectives in favour of another strategic
objective.
 The Authority has a Very Low risk appetite for activities that are considered high risk to the
organisation, community, staff, infrastructure and the environment.
Operations
 The Authority has a Very Low risk appetite for safety breaches (Workplace Health and Safety).
 The Authority has a Low risk appetite for system failures or information and data security breaches.
 We have a Moderate risk appetite in terms of the operational risk associated with the implementation of
strategic plans.
 The Authority has a Moderate risk appetite for activities resulting in a negative community perception of
the Authority which affects the organisation’s long term reputation.
 We have a Low risk appetite for operational risks arising from failure to meet customer commitments.
 We have a Low risk appetite for third party partner (contractors) failure.
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Community
 We have a Low risk appetite for activities that present safety risk to people using waterways.
 We have a Very Low risk appetite for activities that amplify the risks associated with peak visitor times.
 We have a Very low risk appetite for unauthorised activities.
 We have a Very Low risk appetite for behaviours that compromise the safety of other waterways users,
the environment, infrastructure and property.
Resilience
 We have a High risk appetite for activities that improve the resilience of the waterways.
 We have a Very Low risk appetite for infrastructure or events that materially reduce the long term
resilience of waterways.
 We have Very Low risk appetite for degradation of the waterways, affecting long term resilience.
Environment
 We have a Very Low risk appetite for activities or events with significant environmental impacts.
 We have a High risk appetite for activities that have net environmental benefits.
Organisational Governance
 There is a Low risk appetite for compromising financial sustainability by materially under or over
spending on budget or compromising balance sheet solvency.
 There is a Very Low risk appetite for misconduct, fraud, harassment or discrimination and noncompliance behaviour that undermines the integrity of the Authority.
 There is Very Low risk appetite for non-compliance with legal, professional, ethical and regulatory
requirements.
Organisational Culture
 There is Very Low risk appetite for compromising staff safety and welfare.
 We have a Low risk appetite for risks arising from failed internal processes or inadequately trained staff.
 We have a High risk appetite for employees that are motivated and aligned to the long term strategic
direction of the Authority.
 The Authority has a High risk appetite for innovation and change that ensures the Authority has the right
resources, staff capabilities and organisation structure to optimise performance.
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GCWA Risk Appetite Definitions
Supporting Documents
• GCWA Risk Management Framework
• GCWA Risk Management Register
• GCWA Project Management Framework
• GCWA Work Health and Safety Policy
• Queensland Treasury – A Guide to Risk Management
• Queensland Audit Office – Risk Management Maturity Model
• AS/NZS ISO 31000:2009 Risk Management – Principles and Guidelines
• ISO / IEC 31010: 2009 Risk Management – Risk Assessment Techniques
• SA/SNZ HB 436: 2013 Risk Management Guidelines
Legislation
Gold Coast Waterways Authority Act 2012
Avoid
Activities that should always be avoided, including activities that may result
in the serious injury or death of any person, result in environmental impact,
significantly inpact on other waterways users, regulatory non-compliance
and any activities that may result in reputation damage.
Apply Caution
Activities that pose a significant risk are cautiously evaluated. Where
activities present positive outcomes and opportunity the GCWA risk
management framework is implemented to actively manage the risk through
appropriate controls.
Encouraged
A moderate level of risk may be acceptable where the opportunity
outweighs the risk or there is growth opportunity. It is important to actively
monitor the risk to mainain a sustainable approach.
Actively Encouraged
While activities with a very low risk are actively encouraged, it is important
to not adopt an overly risk averse approach that may result in unnecessary
cost and/or lost opportunity.
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Review
The Risk Appetite Statement will be reviewed every five years, or more frequently as appropriate.
Revision History