about
corporate plan | 2009-2012
Organisational Profile
The Mint is led by its CEO with support from the Deputy CEO. The Mint Senior Management Team includes all branch managers.
Managing Risk
The Mint is committed to a comprehensive, coordinated and systematic approach to the management of risk.
Risk management is not a standalone process but requires ongoing assessment, including the need to review risks in light of new developments. It is an integral part of the Mint's overall governance framework, which includes Senior Management, Advisory Board and Audit Committee meetings. Risk is considered in the context of the Mint's strategic outputs and outcomes, business planning and reporting, and in day-to-day decision making.
The Mint's Senior Management Team has identified a number of whole of Mint risks which are managed in the context of corporate and branch business plans. Targeted strategies have been identified to manage these risks, both in the business plans and branch operational planning.
Given the broad nature of these risks, it is not always possible to identify the cause and impact. The overarching consequence of not managing these Mint risks appropriately is that poor quality advice is provided, resources are not used effectively and the Mint's reputation and effectiveness in delivering its outcomes are weakened.
All branches in the Mint have identified that ensuring consultation with key stakeholders is important to reduce their exposure to risks. The need to ensure personnel are appropriately skilled to deliver outcomes is common across all branches. Similarly, the need for methods and systems to retain, use and access knowledge more effectively is a common source of concern.
Some of the key risks identified occur in the following broad areas of responsibility:
- human resources
- financial
- production
- technology
- information and knowledge management
- external environment
- strategic management.
Business Lines and Stakeholders
The Mint operates across three key business lines:
- Circulating Coin Services
- Numismatic Program and Minting Services
- Gallery and Visitor Services.
Each business line is responsible for a range of stakeholders – both internal and external. The primary stakeholder for each business line is the people of Australia, represented by the Australian Government.
Branches under each business line are responsible for delivering its operational plans in alignment with corporate compliance and programs.
Circulating Coin Services
The Mint will meet demand for Australia's circulating coin by producing and distributing sufficient coins for the public via the commercial banks as the Mint's core business. A priority over the next three years is to gain advantage from the Commonwealth's investment in the upgraded production facilities by pursuing opportunities for the production of circulating coins for other countries.
Numismatic Program and Minting Services
The Mint will continue to refine its operating model for the numismatic business line and custom minting services in order to secure its sustainability into the future. The focus is on core market segments that will continue to generate revenue for the Mint, irrespective of the prevailing economic conditions. Coin dealers, individual collectors, coin clubs, corporate clients and government clients will continue to be important customers of this business line. The Mint will ensure that these core customers are supported.
Gallery and Visitor Services
The Mint has a unique status as the only producer of Australian circulating coins and attracts a significant number of visitors and tourists to its facilities. The Mint continues to play an important role in educating the community on the cultural and historical significance of coins and educating younger members of the community about the benefits in collecting coins.
Australia's National Coin Collection was recently declared a “heritage and cultural asset” and the Mint, as its custodian, anticipates the volume of visitors will now increase. The Mint will respond to the growing significance of this business line by developing strategies and programs.
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