The below graphic illustrates the link between strategic risks, strategic priorities, and their residual risk rating as per February 2024. Insignificant risk Low risk Moderate risk High risk Critical risk Beyond the strategic risks, Northern Territory Major Events Company reports in line with the Risk Management Framework all critical risks to the Finance Risk Audit Committee (FRAC). The FRAC also implemented an Internal Audit Plan in line with the Strategic and Corporate Risk Register to ensure the appropriate focus is given to the areas of improvement. Strategic Risk Strategic Priorities 1 MaximiseImpact 2 Celebrate the Territory 3 Uplift the Territory’s Capability 4 Organisational Enablers Culture and Capability: Failure to attract, develop and retain skilled and competent people who live our values and desired culture Business Continuity: Failure to manage critical business functions during times of disruption Health, Safety and Wellbeing: Failure to maintain a safe and healthy workplace and event environment with clear safety frameworks adhered to by all Compliance and Fraud: Failure to comply with legislative and other requirements, and lack of governance structure to achieve zero fraud tolerance Financial Management: Failure to plan and manage the company’s finances in line with the strategic priorities and funding partner expectations Image and Strategy: Failure to uphold Brand Image/Reputation and deliver on strategic priorities Culture and Identity: Failure to align with the cultural history and diversity of the Territory Venue and Accessibility: Failure to deliver all-ability accessible events Sustainability: Failure to protect the environment and utilise resources in a sustainable way Moving Forward: Increase focus on psychosocial hazards in line with amended WHS Regulations. Continued strengthening of risk-aware culture across the organisation and partnerships through training and consultation. Northern Territory Major Events Company – ANNUAL REPORT 2023/24 23