The Library stewards an invaluable, diverse and growing collection and an iconic building, and has a duty of care to its people and the public. The Library faces a range of potential risks, including loss of collection materials, an inability to manage long-term preservation of cultural assets, threats to reputation, failure to maintain accessible services and a failure of resilience and security in information technology systems.
The Library’s risk profile is directly linked to the achievement of corporate priorities. The Library has a very low tolerance for risks to the security and preservation of the collection, and the safety and security of Library patrons and staff, with a marginally higher risk tolerance regarding the provision of uninterrupted online services and reputation.
Monitoring and evaluation of the Library’s risks will involve:
- application of the Library’s Risk Management Framework, which facilitates the monitoring, tracking and control of risk throughout the organisation, and provides a matrix for decision-making at all levels;
- training of Library employees responsible for identifying and managing risk; and
- refinement of the Risk Management Framework to ensure that enterprise, strategic and operational risks are identified.
Major risks and strategies for their mitigation are managed through the Library’s Emergency Planning Committee. The committee provides a clear control structure to identify, monitor, respond to and mitigate risks that may affect the Library.
The committee and the Corporate Management Group are responsible for determining the Library’s appetite for risk, and for development and annual review of the Library’s Risk Management Register. The committee regularly reviews plans for significant business risks: the Collection Disaster Plan; the Information Technology Disaster Recovery Plan; the Business Contingency Plan for Critical Building Systems; the Business Continuity Framework; and the Work Health and Safety Framework.