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Risk management
The management of risk is a strategic activity and an essential part of ensuring that we meet our performance goals and results, provide value for money and avoid duplication. We have identified our exposure to potential vulnerabilities and what could go wrong. We have reduced this exposure by ensuring that we have the skills, capability and strategies to manage these risks and maintain our performance.
| RISKS | RESPONSE | ||
|---|---|---|---|
| Losing credibility as the lead provider of good personal financial planning information. |
We will ensure our communications strategies and resources (e.g. websites, booklets) are of the highest possible quality (in terms of content and presentation). The accuracy and value of all information will be thoroughly tested before being used. We will monitor and as necessary act in response to trends in public perceptions of our communications and information services. |
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| Loss of focus on priorities |
We will base our business planning on managing for the outcomes specified in this Statement of Intent. We will prioritise our work according to its contribution to achieving the impacts we are seeking. |
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| We are not valued by stakeholders |
We will maintain good working relationships with stakeholders. We will respect our stakeholders' views and interests and as appropriate assist their relations with central government. We will look to undertake appropriate joint ventures to better integrate public and private sector initiatives aimed at improving personal financial management. |
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| Continuing global recession and failure of financial institutions. |
We will re-prioritise the Commission's priorities and strategies in consultation with Ministers. |
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| Loss of influence in our advice to government. | Our advice to the Government will be authoritative and evidence-based. | We will ensure that we work effectively with other government agencies to inform and assist their retirement-related policy development. | We will initiate and support research and evaluation work, as appropriate, to better inform all aspects of retirement-related financial planning. |
| Perceptions that the Commission is seen as promoting KiwiSaver rather than providing independent information. |
We will ensure that all communications are educational in nature and continue to provide general information on workplace savings. |
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| Perceptions that we do not meet the needs of particular segments of society due to a strategy that is primarily web-based. |
We will monitor and publicise the use of Sorted. We will constantly look at cost effective ways to meet target audience needs. We will balance our strategies to ensure effective communication across society by expressing Sorted content in a variety of formats (e.g. booklets, seminar modules). |
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