Corporate Governance
Corporate Governance
36
Corporate Governance Committees
39
Risk Management
45
Corporate Governance
What is Corporate
Governance?
This section describes and reports on Treasury’s corporate governance
arrangements, referring to the principles that guide decision making
and the structures in place to govern our organisation.
Corporate Governance refers
The corporate governance and accountability framework is presented
in Figure 3. Further information is provided against Treasury’s
Corporate Governance Principles in this section.
to Treasury’s internal controls,
decision making and approval
processes that support the
organisation in achieving its
desired objectives.
This could also be expressed
as our ‘self‑governing
arrangements’. Corporate
governance is the means
by which Treasury directs
and controls its operations
to enable it to achieve set
objectives and meet its
responsibilities. It also ensures
that decision making and
operations are guided by a
set of principles that maintain
ethical standards.
Findings from audits and reviews conducted in 2011‑12 are reported
in this section, reflecting the important role of risk management in
corporate governance.
Each year the Under Treasurer and Senior Management Group (SMG)
identify Treasury’s strategic objectives, which guide the direction of
Treasury’s core business areas in the delivery of government outcomes.
Because of the nature of Treasury’s responsibilities, the strategic
objectives are generally consistent over time with the greatest influence
being the economic and fiscal environment and the Government’s
priorities. Achievement of Treasury’s objectives, output groups and
outputs are provided in the Achievements section of this report.
Our Achievements 2011‑12
Treasury’s six corporate governance committees continued to meet
regularly and approve various organisational policies and procedures.
In particular:
• Treasury’s Indigenous Employment and Career Development (IECD)
strategy was completed and rolled out;
• Reviewed human resources delegations in addition to policies and
procedures affected by the revised Public Sector Employment and
Management Act (PSEMA) and subordinate legislation;
• Reviewed occupational health and safety (OHS) policies and
procedures affected by the revised Work Health and Safety (National
Uniform Legislation) Act 2011, subsequently Treasury’s Occupational
Health and Safety Management System (OHSMS) was created; and
• Reviewed and updated governance arrangements for Treasury’s
information management framework.
Treasury’s conflict of interest policy remained a priority with a review
of all conflict of interest declarations undertaken. All middle to senior
managers, as well as staff with a perceived or actual conflict of
interest, completed conflict of interest declarations in July 2011.
The Auditor‑General conducted thirteen audits or reviews during
2011‑12 on Treasury’s processes, procedures and financial reports,
with no adverse findings.
Treasury conducted thirteen internal audits or reviews during 2011‑12
in a number of different areas. No major issues were identified.
36
Corporate Governance
Corporate Governance Framework
Values
Corporate Governance Principles
Treasury’s values are underpinned by trust, integrity and
professionalism. We are committed to providing frank, accurate
and timely strategic advice. Treasury staff take responsibility
for their work and behaviour and act in a collaborative way with
integrity, respect and fairness. We recognise the dedication
and expertise of our employees and support them in
balancing professional and personal priorities.
The key principles that Treasury
endeavours to consider when making
decisions and taking action on
day‑to‑day operations are:
Strategic Objectives
Transparency: decisions, actions and
advice are open to, and can withstand,
the scrutiny necessary to ensure that
stakeholders can have confidence in
Treasury decision‑making processes;
Treasury strives to provide:
• best practice financial management;
• quality analysis and public policy advice on economic,
social and commercial issues;
• effective intergovernmental financial relations;
• a fair and efficient Territory revenue system; and
• effective public sector superannuation arrangements.
Accountability: Treasury and its staff
take responsibility for their decisions
and actions;
Leadership: modelling and fostering
behaviour that supports Treasury’s
values, inspires and influences others
and shapes organisational culture;
• recruit and retain high quality staff; and
Integrity: actively promoting honesty and
ethical conduct by upholding appropriate
standards of behaviour; and
• are committed to high quality output in a safe, supportive
workplace.
Equity: fairness and equity in decision
making that is free from bias.
Through a well‑managed and flexible organisation, we:
Figure 3: Treasury’s Corporate Governance and Accountability Framework
2011-12 Annual Report
37
Corporate Governance
Committees
Six standing committees
support Senior Management
Group (SMG) in carrying out
its responsibilities in providing
leadership on key issues
affecting the organisation:
• risk and audit;
• human resource
management;
• professional development;
• information management;
• OHS; and
• energy management.
SMG considers reports and
briefings from each committee
and provides direction and
approval of corporate policy
and organisational projects.
Each committee’s role,
membership and performance
in 2011‑12 are outlined in this
section.
Membership reflects current
committee members as at
30 June 2012.
Accountability
The accountability of Treasury and its staff are clearly defined through
the organisation structure and relationships between staff. Reporting
structures are clearly outlined between SMG, Directors, staff and
Corporate Governance Committees. Control processes are clearly
defined in delegations and developed frameworks, which are reviewed
annually. There are many components to ensure Treasury and its staff
maintains accountability in terms of Corporate Governance and some
of those are outlined below.
Senior Management Group
Treasury’s SMG is responsible for strategic decision making and policy
setting in relation to Treasury’s operations and internal processes.
The group also provides leadership and strategic direction to the
organisation.
Another key priority of SMG is to develop Treasury’s corporate
capabilities, including people, systems and the work environment. For
administrative efficiency and to ensure appropriate senior involvement
and oversight, SMG sits as the risk and audit, human resource
management and information management subcommittees.
Chaired by the Under Treasurer, SMG generally meets on a weekly
basis.
Directors and Staff
Treasury’s Directors are responsible for managing the day‑to‑day
operations of business units, managing and developing performance
and producing outputs that meet the agency’s desired outcomes. They
are accountable to their respective SMG members (see Organisation
Chart at page 7).
Corporate Delegations
Agency delegations create a clear guideline for staff on accountable
officers in Treasury and their financial and human resource limitations.
Treasury reviews its delegations annually to ensure they meet current
legislation, staffing levels and appropriate processes, or as required.
Treasury has three agency delegations:
• financial;
• human resources; and
• procurement.
38
Corporate Governance
Corporate Governance Committees
Risk and Audit Committee
Role
Membership
Responsible for:
Under Treasurer, Jennifer Prince (Chair)
• monitoring business risk assessments and
adequacy of established internal controls
to manage identified risks, and review the
appropriateness of policies, practices and
procedures that affect those controls;
Deputy Under Treasurer, Peter Caldwell
• overseeing the audit and risk management
function within Treasury, including internal audit
and risk management programs, and monitoring
their outcomes, terms of reference and the
implementation of recommendations;
• reviewing the effectiveness of structures and
practices that support the key elements of
Treasury’s corporate governance framework; and
Deputy Under Treasurer, Jodie Kirkman
Deputy Under Treasurer, Tony Stubbin
Assistant Under Treasurer (Budgets and Finance),
David Braines‑Mead
Assistant Under Treasurer (Economic and
Intergovernmental Policy), Craig Graham
Assistant Under Treasurer (Economic and Commercial
Analysis), Bruce Michael
Assistant Under Treasurer (Funds Management),
John Montague
• reviewing the outcomes and monitoring responses
to recommendations of external auditors.
Assistant Under Treasurer (Revenue), Grant Parsons
2011‑12 Performance
2012‑13 Priorities
• Implemented the 2011‑12 internal audit plan.
• Implement the 2012‑13 internal audit plan.
Director Corporate Support, Gerard Taylor
• Developed the 2012‑13 internal audit plan.
• Continue to develop and test detailed plans and
systems for business interruption events, particularly
• Implemented the control self‑assessment program
relating to information technology (IT) systems.
to test internal controls.
• Reviewed and updated Treasury’s Risk Framework,
including Treasury’s OHSMS, to ensure compliance
with legislation.
• Reviewed and updated Treasury’s Business
Continuity Plan.
2011-12 Annual Report
39
Human Resource Management Committee
Role
Membership
Responsible for guiding the development and
implementation of human resource management
policy and planning in Treasury.
Under Treasurer, Jennifer Prince (Chair)
Deputy Under Treasurer, Peter Caldwell
Deputy Under Treasurer, Jodie Kirkman
Deputy Under Treasurer, Tony Stubbin
Assistant Under Treasurer (Budgets and Finance),
David Braines‑Mead
Assistant Under Treasurer (Economic and
Intergovernmental Policy), Craig Graham
Assistant Under Treasurer (Economic and Commercial
Analysis), Bruce Michael
Assistant Under Treasurer (Funds Management),
John Montague
Assistant Under Treasurer (Revenue), Grant Parsons
Director Corporate Support, Gerard Taylor
2011‑12 Performance
2012‑13 Priorities
• Continued Treasury’s succession planning initiative • Continued leadership development within Treasury
with rotations for staff to act in more senior and/or
to enhance professional development opportunities,
different roles.
management capabilities and generally broaden
skills and expertise.
• Completion and roll out of Treasury’s revised IECD
strategy.
• Implementation of Treasury 2012‑15 IECD Strategy,
specifically providing greater focus on attracting
• In‑house training sessions were offered on
entry‑level Indigenous staff through structured
cross‑cultural, Indigenous awareness and
training programs, and targeting university and
anti‑discrimination training as well as Giving and
secondary students by promoting Treasury as an
Receiving Feedback workshops to complement
employer of choice to students studying subjects
Treasury’s Employee Development Framework
related to Treasury’s core business.
(EDF).
• Finalise amendments to human resource
• Undertook review of human resource delegations in
delegations and policies and procedures affected
addition to policies and procedures affected by the
by the introduction of the revised PSEMA,
revised PSEMA and subordinate legislation.
Regulations, By‑laws and Employment Instructions.
• Continued development of entry‑level and other
attraction programs aimed at students.
40
Corporate Governance
Professional Development Committee
Role
Membership
Responsible for setting policy and considering
applications for assistance relating to professional
development of staff.
Deputy Under Treasurer, Jodie Kirkman
Deputy Under Treasurer, Tony Stubbin
Assistant Under Treasurer (Budgets and Finance),
David Braines‑Mead
Human resource representative
2011‑12 Performance
• Approved 27 study assistance applications.
• $261 112 (1.24 per cent of employee expenses)
spent on training and development for Treasury
staff, compared to $264 324 (1.56 per cent of
employee expenses) in 2010‑11 and $334 568
(1.97 per cent of employee expenses) in 2009‑10.
• Continued emphasis on professional and technical
development, including sponsored study, tailored
training and participation in professional body
activities.
Information Management Committee
Role
Membership
Responsible for guiding development, management
and use of Treasury’s information, communication
and technology resources.
Under Treasurer, Jennifer Prince (Chair)
Deputy Under Treasurer, Peter Caldwell
Deputy Under Treasurer, Jodie Kirkman
Deputy Under Treasurer, Tony Stubbin
Assistant Under Treasurer (Budgets and Finance),
David Braines‑Mead
Assistant Under Treasurer (Economic and
Intergovernmental Policy), Craig Graham
Assistant Under Treasurer (Economic and Commercial
Analysis), Bruce Michael
Assistant Under Treasurer (Funds Management),
John Montague
Assistant Under Treasurer (Revenue), Grant Parsons
Director Corporate Support, Gerard Taylor
Manager Information Services and Strategic IT,
Joanne Boustead
2011-12 Annual Report
41
2011‑12 Performance
2012‑13 Priorities
• Liaised with workgroup stakeholders to improve
existing SharePoint sites.
• Continue to liaise with workgroup stakeholders to
review current business practices and develop
electronic systems to streamline processes.
• Created a framework for internal and external
developers outlining Treasury’s SharePoint
development requirements regarding security,
structure, look and feel, architecture and project
management requirements.
• Identified and upgraded pilot work groups to
Microsoft® Office 2010.
• Worked with the Department of Business and
Employment (DBE) and relevant service providers
to upgrade and improve Treasury’s server
infrastructure.
• In conjunction with work groups, undertook a review
of local area network (LAN) content, archiving
information where required.
• Continued to redevelop Treasury’s internet and
staff‑only website to improve interaction with
stakeholders and comply with national website
accessibility standards.
• Improved reporting processes and introduced
stringent procedures for account requests in
relation to staff security accounts created or
modified in Treasury’s record keeping system,
HP TRIM.
• Implemented electronic document records
management practices in the Treasury Corporation
and Utilities Commission.
• Reviewed and updated governance arrangements
for Treasury’s information management framework.
• In conjunction with work groups, undertook a review
of all Treasury systems in relation to Windows 7 and
Office 2010 readiness.
42
Corporate Governance
• Work with Records Management Unit to implement
a business classification scheme on the LAN, which
will include development of naming conventions,
standard hierarchy and Active Directory integration.
• Continue to work towards using SharePoint as the
collaborative tool, workflow agent, agency intranet
portal and Total Records and Information
Management System (TRIM) overlay across the
agency.
• Transition Treasury work groups to electronic
document records management.
Occupational Health and Safety Committee
Role
Membership
Responsible for overseeing and setting direction for
OHS activities.
Director Corporate Support, Gerard Taylor (Chair)
Business Support Coordinator, Nadine Parkinson
(Secretary)
Executive Assistant to the Under Treasurer,
Tamara Hutcheon
Financial Management Group – Financial Analyst,
Tracy Bailey
Economic Group – Principal Policy Analyst,
Doug Burns
Economic Group Coordinator, Rachael Pickering
Territory Revenue Office – Revenue Clerk,
Pacquita Rickus
Territory Revenue Office – Executive Officer,
Rachel Warland
Superannuation – Assistant Director Policy,
Heidi Maruna
2011‑12 Performance
2012‑13 Priorities
• Implement new OHSMS.
• Senior Management approved new OHSMS
ensuring compliance with the revised Work Health
• Roll out OHSMS to Treasury staff including
and Safety (National Uniform Legislation) Act 2011.
information sessions.
• Reviewed and implemented OHS audit program
• Implement training program for staff affected by the
including quarterly OHS inspections and annual
new legislation.
first aid risk assessments.
• Continue regular meetings and training as per
• Conducted a Safety Week education program for
legislation.
staff for the fourth consecutive year.
• Continue educational activities for staff.
• Maintained training schedule for staff including
• Conduct internal audit or review of OHS audit
first aid and fire warden training in line with
program.
legislation.
2011-12 Annual Report
43
Energy Management Committee
Role
Membership
Responsible for identifying key energy management Director Corporate Support, Gerard Taylor
issues and investigating possible solutions to reduce
(Energy Manager)
Treasury’s carbon footprint.
Business Support Coordinator, Nadine Parkinson
(Energy Coordinator)
Financial Management – Financial Policy Analyst,
Hitesh Khanna
Territory Revenue – Executive Officer, Rachel Warland
Treasury Corporation – Manager Financial
Administration, Vicky Coleman
Treasury Corporation – Finance Officer Administration,
Maria Musumeci
Business Systems Administrator, Lance Dolan
Finance Officer in Training, Ben Reichstein
2011‑12 Performance
2012‑13 Priorities
• Calculated Treasury’s carbon emissions for
2011‑12.
• Continue to identify key energy management issues,
investigate possible solutions and implement where
possible.
• Improved Treasury’s fleet by increasing the number
of ‘green’ vehicles.
• Continue to educate staff by advising of national
and Territory initiatives in energy management, and
• Identified a number of strategies to reduce
advising of events and information as required.
Treasury’s emissions and made recommendations
to SMG for implementation.
• Continue to promote energy management through
annual events such as Green Week.
• Organised Green Month to promote energy
management to staff both in the workplace and at
• Increase the number of green vehicles in Treasury’s
home.
fleet.
• Recent floor refurbishing allowed Treasury
management input to incorporate a greener
approach including more efficient lighting,
new lightweight acoustic ceiling tiles and zone
airconditioning.
44
Corporate Governance
Risk Management
Leadership
SMG provides leadership and strategic direction to the organisation
and ensures Treasury meets its corporate requirements. Treasury’s
values are articulated in the corporate governance framework and are
also incorporated into Treasury’s EDF, which is used to manage and
develop staff performance on a day‑to‑day basis. Our values clearly
outline what stakeholders can expect from the organisation and its staff.
Enhancing staff management skills has been a key strategic priority for
Treasury and will continue to remain an area of focus. Further details on
Treasury’s programs are provided in the Managing Treasury section of
this report.
Integrity
Treasury’s values are underpinned by the NTPS Principles and Code of
Conduct, which guide staff on a range of moral and ethical issues they
may face during their employment in the NTPS. Agreement to abide
by the Code of Conduct is a condition of employment and applies to
all employees. These values are reinforced through the induction
process and Treasury’s Reference Manual. Treasury’s EDF also clearly
articulates the expectation that all staff demonstrate behaviours that
support Treasury values.
Equity
Treasury is committed to being
an ‘employer of choice’. A
key component to achieving
and maintaining this status is
ensuring equal employment
opportunities (EEO) for
potential and existing staff and
promoting workforce diversity.
Further details on Treasury’s
EEOs, workforce diversity and
flexible work programs and
performance are provided in
the Managing Treasury section
of this report.
In addition to specific Treasury policies that have been developed
to guide employees in ethical issues, Treasury has developed a
personal accountability framework that incorporates the Principles
and Code of Conduct, as well as policies on key areas of importance
such as accepting gifts and benefits, use of IT and other resources,
recognising and managing conflicts of interest, engaging in outside
employment, addressing harassment in the workplace and resolution
of grievances.
Further details on Treasury’s performance against the Employment
Instructions are provided in the Managing Treasury section of this
report.
2011-12 Annual Report
45
Information Act Website
The website www.nt.gov.au/ntt/
info_act assists members of
the public who are considering
applying to access information
held by Treasury. This site
presents Treasury’s policies
and procedures, and the forms
required to lodge a request
to access government or
personal information. Also on
the website are links to:
• the Information Act and
Regulations;
• a register of government
information usually held by
Treasury. The register will
help an applicant decide if
Treasury is likely to have the
information they seek and
specifies if it is available
outside the formal process
of lodging a request under
the Information Act;
• Treasury’s annual reports
and other published
information;
• Treasury’s organisation
chart; and
• the Information
Commissioner’s website.
46
Corporate Governance
Transparency
Treasury’s transparency is an integral part of its core values and
evidenced through its compliance with the Information Act.
Corporate Planning and Reporting Process
Each year the Under Treasurer and SMG identify Treasury’s strategic
objectives, which guide the direction of Treasury’s core business areas
in the delivery of government outcomes. The strategic objectives are
generally consistent over time with the greatest influence being the
economic and fiscal environment and the Government’s priorities.
Achievement of Treasury’s objectives, output groups and outputs are
reported in each year’s Annual Report.
As part of the corporate planning and reporting process, business
unit plans are managed on a rolling basis and updated according
to identified strategic priorities. The business unit plans are adapted
throughout the year in response to emerging issues and risks.
Business unit plans assist with internal budget allocations and
individual work plans, developed between employees and their
managers as part of the EDF. Linking business plans to individual
employee work plans ensures all Treasury employees know how their
work contributes to Treasury’s strategic objectives and priorities.
Information Act Compliance
During 2011‑12, two requests for information were lodged with Treasury
under the Information Act. The status of requests is detailed in Table 9.
Table 9: Information Act Requests in 2011‑12
Application Status
Number
Applications carried over from 2010‑11
1
Applications for 2011‑12
2
Including:
• two applications received to access government
information
Requests withdrawn
nil
Requests for review
1
Requests transferred to another agency
Information Policy Officer
Northern Territory Treasury
GPO Box 1974
DARWIN NT 0801
Telephone: +61 8 8999 6800
Facsimile: +61 8 8999 6150
Email: foi.ntt@nt.gov.au
Website: www.nt.gov.au/ntt/
info_act
nil
Responses completed within 30‑day period
3
Responses completed, exceeding 30‑day period
1
Applications on hand as at 30 June 2012
Contact Our Information
Policy Officer:
nil
Pursuant to section 131(2) of the Information Act, the Under Treasurer
must report on Treasury’s compliance with Part 9 (Records and
Archives Management) of the Act.
Treasury continues to monitor and make improvements to its records
management policies and practices to ensure proper preservation
of records and compliance with Records Management Standards for
Public Sector Organisations in the Northern Territory.
2011-12 Annual Report
47
Managing and Mitigating
Risk
Effective governance
arrangements require the
identification of risks, as well
as potential opportunities
and the establishment of
appropriate processes
and practices to manage
risks associated with the
organisation’s operations.
Treasury manages its risk
through understanding its
functions and potential areas
of exposure, implementing
appropriate strategies to
address these areas and
monitoring the progress
and effectiveness of those
strategies.
Treasury’s main risks at an
organisational level are:
• external – failure to comply
with processes, rules,
regulations or laws, the
effect of which could impact
negatively on Treasury’s
reputation or on that of
the Treasurer and the
Government; and
• internal – the risk of not
being able to recruit and
retain appropriately qualified
staff, or continue to maintain
capability, the effect of
which could impede
Treasury’s ability to pursue
its strategic objectives.
48
Corporate Governance
Risk Management Framework
The Australian and New Zealand Standard Risk Management –
Principles and Guidelines (AS/NZS ISO 31000:2009) identifies risk
management as central to an organisation’s management process.
Treasury ensures its governance structure is based on its ability to
maintain an effective risk management strategy. The risk management
process can be applied at all levels and for all activities in the
organisation with an emphasis on proactively identifying and managing
risks in all work areas, rather than reacting to risks as they emerge.
Treasury’s Risk Management Framework was reviewed in 2012 to
ensure its continued compliance with relevant legislation and Australian
and New Zealand Standards, in particular the new OHS legislation
effective January 2012 was incorporated into Treasury’s risk
management framework.
Risk Controls
The Risk and Audit Committee is responsible for overseeing internal
review and quality assurance relating to financial management,
risk management and fraud control and considering how these can
potentially impact on Treasury. The committee oversees the examination
of priority risk areas and recommends review and remedial actions to
the Under Treasurer.
Business unit directors and their SMG members review the functions
of their areas every year, identify the elements of risk and discuss
strategies and methods for minimising those risks.
The Auditor‑General also has a formal audit program that covers, in
detail, all Treasury’s significant financial systems and accountabilities
in the areas of the Territory budget, Territory revenue, Treasury
Corporation’s borrowings and investments, and the Territory’s
superannuation funds.
Treasury’s Audit and Risk Schedule, which summarises the agency’s
internal and external audit program including the Auditor‑General’s
formal audit program, is developed as a result of these discussions.
Treasury’s Audit and Risk Schedule are considered by the Risk and
Audit Committee in formulating Treasury’s annual audit program for the
coming year.
Monitoring Risk
During the year, several audits and reviews were undertaken as part of the
internal audit program. They are categorised as internal and external, with
internal referring to reviews or audits instigated by Treasury, and external
referring to audits programmed by the Auditor‑General. Tables 10 and 11
summarise all reviews and audits undertaken in 2011‑12. All findings and
recommendations from the external audits were reviewed by SMG and the
appropriate actions/responses undertaken.
Table 10: Audits and Reviews – External
Area
Audit/Review
Northern Territory
• Audit – Financial Statements
Treasury Corporation
2010‑11
Financial
Management Group
Audit Outcome/Review Recommendations
• No significant matters were identified.
• Audit – Interim Financial
Statements 2011‑12
• No significant matters were identified.
• Audit – Compliance – APEX
System
• The audit found that IT controls over the APEX
system within Treasury were considered
satisfactory with opportunities for improvement
identified and have been addressed.
• Audit of the Treasurer’s Annual • The audit results were considered satisfactory
Financial Report (TAFR) for the with opportunities for improvement identified and
year ended 30 June 2011
have been addressed.
• Audit – TAFR – Interim 2011‑12 • No significant matters were identified.
Territory Revenue
Office
Superannuation
Office
• Treasury Territory Revenue
Office Corporate Support
Compliance Audit – taxes,
royalties and tax‑related
subsidy schemes 2011‑12
• No significant matters were identified.
• Treasury – Territory Revenue
Management Electronic
Returns System (TRMeR)
• This was the first audit conducted on the TRMeR
system. While IT controls over the system were
found to be satisfactory, some opportunities for
improvement were identified. These are currently
being addressed.
• No significant matters were identified.
• Audit – Financial Statements
Legslative Assembly Members
Superannuation (LAMS) Fund
2010‑11
• No significant matters were identified.
• Audit – Financial Statements
Northern Territory Police
Supplementary Benefit
Scheme (NTPSBS) 2010‑11
• Audit – Financial Statements
NTGPASS 2010‑11
• No significant matters were identified.
• Audit – Interim Financial
• Key systems and procedures were found to be
Statements NTGPASS 2011‑12
generally satisfactory.
Treasury Services
• No significant matters were identified.
• Review of Superannuation
Operating Standards for the
year ending 30 June 2011
• Audit – Natural Disaster Relief • There were no significant issues arising from the
and Recovery Arrangements
NDRRA acquittal audit.
(NDRRA) Acquittal Northern
Territory Eligible Expenditure
for 2010‑11
2011-12 Annual Report
49
Table 11: Audits and Reviews – Internal
Area
Audit/Review
Audit Outcome/Review Recommendations
Whole of Treasury
• Accounts receivable
• Outstanding accounts reviewed to ensure
accuracy. No issues found.
• Losses, gifts, write‑offs,
ex gratia payments
• Treasury’s losses, gifts, write‑offs and ex gratia
processes were reviewed and updated where
necessary. Minor changes made.
• Delegations – Financial,
Human Resource and
Procurement
• Annual review occurred February 2012. Further
reviews were conducted as required, for example,
PSEMA updated.
• Travel
• Travel policies and procedures reviewed and
updated where necessary.
• Anti‑discrimination and
cross‑cultural training
• Anti‑discrimination and cross‑cultural training
reviewed for all Treasury staff, staff trained as
required.
• Human Resources and EEO
policies
• Human Resources and EEO policies reviewed
and updated where necessary.
• OHSMS
• Treasury’s OHSMS reviewed to ensure
compliance with new legislation. New OHSMS to
be rolled out 2012‑13.
• Risk Management Framework
• Treasury’s Risk Management Framework
reviewed, new OHS legislation incorporated. In
progress.
• Stocktake – portable and
attractive asset register
• A stocktake of Treasury’s portable, attractive and
home‑based assets was conducted in May 2012.
No major discrepancies were identified.
• Stocktake – fixed asset register • A stocktake was conducted by DBE in
accordance with Section A2.2.9 of the Treasurer’s
Directions. No major discrepancies were
identified.
• Stocktake –
telecommunications
50
Corporate Governance
• Two six‑monthly stocktakes were conducted of
Treasury’s telecommunication devices including
desk phones, mobiles and turbo modems. No
major discrepancies were identified.
Insurance
Under the Treasurer’s Directions (M2.1), agencies are required to detail the mitigation strategies and
processes they have in place to reduce the likelihood or severity of their insurable risks.
Insurable risks are risks that are generally related to workers compensation, assets and inventories, public
liability and indemnities. They exclude financial risks and legal costs in action.
Table 12 outlines Treasury’s identified insurable risks and the strategies implemented to reduce those risks.
As a general government agency, Treasury self‑insures. Workers compensation insurance was purchased
for three employees living and working interstate during 2011‑12. This is the only commercial insurance
purchased by Treasury. In 2011‑12 there were no self‑insurance claims. This is consistent with 2010‑11.
Further workers compensation details are reported on page 71.
Table 12: Treasury’s Insurable Risks
Insurable Risk Category
Mitigation Strategies
Public liability
• Risk assessments completed.
• Access to Treasury work areas restricted (except for two front
counter areas).
• Crime Prevention through Environmental Design principles used in
designing work environments.
Workers compensation
• Risk assessments completed on building and all workstations.
• OHSMS operating.
• OHS Committee meets at least four times a year to discuss issues
and implement strategies to ensure OHSMS is operating effectively.
• Education campaigns for staff.
• Utilisation of Employee Assistance Program (EAP).
• Work‑life balance strategies implemented.
• Office safety and security policy in place.
• Working from home policy utilised.
• Regular testing of fire systems and alarms, with annual trial
evacuation of staff as per legislation.
• Security patrols and appropriate security for staff working after hours.
Assets and inventories
• Asset registers maintained for fixed, leased and portable and
attractive items.
• Annual asset stocktakes for portable and attractive items.
• Biannual asset stocktakes for telecommunications.
• Electronic asset management system with assets barcoded to enable
more efficient and timely stocktakes to be completed.
• Vehicles regularly serviced and maintained.
Indemnities
• Risk assessments completed for all new agreements.
2011-12 Annual Report
51