The primary risk identified for the portfolio relates to effectiveness and compliance risks for the department’s whole-of-government regulatory frameworks, particularly with respect to the Protective Security Policy Framework (most notably in relation to cyber security risks), resulting in a risk of inappropriate security mitigation strategies across the sector.

The primary risks identified for this portfolio relate to the oversight of government investments (particularly those relating to equity, concessional loans and guarantees) and the department demonstrating that it can effectively implement risk based regulatory regimes and that it follows through on the implementation of agreed recommendations from the large number of review activities it undertakes or are undertaken externally of it.

The primary risks identified for the portfolio relate to Defence’s ability to: anticipate, prepare for and respond to threats to Australia’s interests; acquire and sustain capability while avoiding the emergence of capability gaps and meeting sovereign capability requirements (and managing optimism bias in reporting); recruit and mobilise a large, distributed and traditionally siloed workforce to effectively work as ‘One Defence’; and meet expectations of its ability to respond to environmental and other disasters.

The primary risk identified for the portfolio relates to the implementation of the new employment services model which is a major change in delivering key services to the community. Specific risks in the Employment and Workplace Relations portfolio relate to service delivery, regulation and financial management.

The primary risk identified for the portfolio relates to the management and oversight of the distributed network of overseas posts. Coordinated operation is required for these posts to operate most effectively during international events such as responding to the COVID-19 pandemic.

Portfolio risks predominantly relate to ensuring consistent compliance with governance frameworks including in exercising departmental and agency powers, contract and procurement management and critical infrastructure security. Inconsistent compliance can lead to a failure to deliver policy objectives.

The primary risks identified for the portfolio relate to: the need for effective oversight of the 30 highly diverse companies and other entities; and the department undertaking procurement and grants activities so as to achieve desired outcomes in a manner consistent with the relevant rule frameworks in order to ensure that the resources allocated achieve the outcomes that the government is seeking.

In the parliamentary departments, considerations are predominantly related to ensuring the safe, secure and efficient functioning of the Parliament and delivering effective support for parliamentarians. This will include risks relating to achieving value-for-money procurement, cyber resilience, effective security compliance and controls, asset management and sustainment, and information management.

The primary risk identified for Services Australia relates to the implementation and management of new and existing ICT systems for service delivery, including ensuring effective cyber security. As the key payment delivery entity, this would ensure that effective ongoing services are provided to the community.

The primary risks identified for the portfolio relate to the management of the Australian Government’s balance sheet, including debt and the increasing use of ‘alternative financing’ approaches.