Risk Management

Risk management is an integral component of Genea’s corporate governance and business management. There is strong promotion of the risk management culture and its stakeholder value throughout the business and at all staff levels.

Responsibilities

Board

The Genea Board is responsible for setting the risk profile and appetite of the business. The Board is assisted by its committee, the Audit and Risk Management Committee (ARMACC) (refer to Terms of reference of the committee).

Management

The identification assessment and management of business risks is the responsibility of management. Management develops and implements policies and procedures for the management of identified risks. The effectiveness of the management of Genea’s material business risks are reported at the monthly Risk Management Committee meetings and escalated to the ARMACC.

The fertility specialists who practice within Genea are accredited for practice by the Genea Professional Advisory Board. 

Staff

All staff are trained in the Genea risk management and quality systems and the relevant policies and procedures for their areas of work. Our Code of Conduct prescribes open disclosure of any adverse event and the reporting of near misses and identification of new hazards is encouraged via reporting through our risk management database. 

Risk and Quality Management Systems

Genea maintains a live risk register and all new business activities are assessed for their inherent risks and control mechanisms developed in order to achieve an acceptable residual risk level. These control systems are clearly defined in the documented operational procedures and supported with comprehensive staff training programs. Their effectiveness is measured with a comprehensive internal audit program and independently assessed by external accreditation.

Quality performance objectives are established and benchmarks are reviewed on an annual basis. The open culture of shared information provides the opportunity for continuous improvement in the effectiveness of our risk and quality management systems.

Risk transfer is effected via the following insurance policies: Professional Indemnity, Directors and Officers, Management Liability, Product Liability, Marine Transit, Public Liability and Industrial Special Risks.

Regulatory Compliance

Genea’s business activities, including medical services, pathology and the manufacturing of medical devices are subject to Commonwealth, State and overseas laws (in relevant jurisdictions) pertaining to general business as well as business specific legislation.

In addition, Genea’s systems and processes are accredited and benchmarked against industry best practice for both required and voluntary accreditation Standards. This includes the RTAC Code of Practice (2014), ISO 9001:2008 and ISO 15189:2012 (Pathology). The National Safety and Quality Health Service (NSQHS) Standards is a new compliance requirement for clinics with day surgeries. This new Standard requires 100 per cent met compliance. In all of our clinics with day surgeries (Northwest, Canberra , Liverpool and Kent Street ) we have achieved this benchmark.