Risk management and audit
Committees
The Risk Management and Audit Committee reviews and provides advice on internal controls, financial performance and management efficiencies. It ensures there is an appropriate focus on risk management and corporate governance across Treasury Office, Office of Government Owned Corporations, Office of Economic and Statistical Research, Motor Accident Insurance Commission and Corporate Services. The Committee was made up of the Deputy Under Treasurer (chair), an Assistant Under Treasurer and Motor Accident Insurance Commissioner. The Committee meets four times per year with a number of invitees attending meetings, including a representative from the Queensland Audit Office.
Additional audit committees operate in the Office of Gaming Regulation, Office of State Revenue and Government Superannuation Office.
Managing risk
Risk management is part of Treasury’s performance management culture. It is guided by executive leadership, incorporated into monitoring and reporting processes and incorporated into project planning methodology. Treasury’s risk management framework aims to enhance transparency and integrate risk management with corporate business, reporting, governance, human resources and planning.
The Risk Management and Audit Committee is primarily responsible for ensuring corporate risks are identified, registered and managed effectively. Treasury staff and branches maintain registers to support localised accountability and performance measurement in managing risks.
Audit
Treasury’s Management Audit Services branch examines and evaluates corporate activities and promotes good corporate governance practices.
The branch provides risk and control advice to improve the department’s overall effectiveness and efficiency and ensure Treasury’s obligations under the Financial Administration and Audit Act 1977 are satisfied. Specialised advice is provided to Treasury’s portfolio offices. In 2002–03, 27 audit, review or advice tasks were completed, as well as 23 assessments on emerging issues, advice on system change and development projects, and education activities.
The branch reports directly to the Under Treasurer through the Risk Management and Audit Committee.