Corporate Governance
As the Mint is now operating as a prescribed agency our emphasis during the year has been to review processes in order to continue to achieve sound administrative and financial management practices. As such all corporate governance processes and practices are being reviewed to ensure compliance and viability in a new operating environment.
The Mint is currently reviewing management committee structures; reporting requirements to the Treasury and Department of Finance; and Audit, Risk and Security reporting obligations.
The Mint's independent Advisory Board assists in providing strategic advice on good corporate governance practices, advising on corporate strategy and providing guidance and oversight to the Mint's senior management team.
The Audit Committee is the other body that ensures independent accountability.
Risk Management
The Mint's internal policies and procedures identify, plan for and manage the risks associated with the business of manufacturing circulating and numismatic coin for Australia. These policies and procedures are consistent with the Mint's Chief Executive Instructions.
Under the Financial Management and Accountability Act 1997, the Mint addresses specific risk management requirements. In 2006 the Mint completed a Risk Management Implementation Plan with the assistance of Comcover. The plan highlights key steps and processes for the Mint to follow to ensure compliance with risk policy.
The Mint's framework for managing risk has four key elements:
- The Fraud Control Plan complies with Australian Government Fraud Control Guidelines;
- The Chief Executive Instructions put into effect the Financial Management and Accountability Act 1997 requirements which set out responsibilities and procedures and provide an overarching framework for financial management. They also contain topics relating to risk management, accountability and corporate governance practices;
- The internal audit plan identifies individual services and functions requiring audit. The plan incorporates issues raised by the Australian National Audit Office (ANAO) in its review of the Mint's financial statements and also ANAO reports on cross-agency matters, previous internal audits, evaluations, emerging issues and more strategic risk management issues; and
- Risk management and insurable risks are aligned through Comcover and Comcare.
The Mint is planning on increasing staff awareness of the risk management framework during the coming year by conducting risk training programmes and distributing Mint specific literature.
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