Risk management and audit

Managing Risk

Managing risk is part of Treasury's performance management culture, guided by our executive leadership and incorporated into our monitoring and reporting processes. Risk management is also incorporated into our project planning methodology to ensure risks are identified in the planning stages of projects. The Risk Management and Audit Committee is primarily responsible for ensuring corporate risks are identified, registered and managed effectively.

In 2001-02, we commenced an initiative to further improve our risk management framework. It aims to enhance transparency and integrate risk management with corporate business, reporting, governance, human resources and planning. Branches will develop registers to support localised accountability and performance measurement in managing risk.

Audit

Our Management Audit Services branch examines and evaluates corporate activities and promotes good corporate governance practices. The branch provides risk and control advice to ensure we fulfil our obligations under the Financial Administration and Audit Act 1977. In 2001-02, 58 audit, review or advice tasks were completed, as well as assessments on emerging issues, advice on system change and development projects and education activities.

This branch reports directly to the Under Treasurer and provides input to the Risk Management and Audit Committee.