The Commission is committed to managing risk and established its Audit and Risk Committee (ARC) in 2013.
The Commission’s Audit and Risk Committee provides independent assistance to the Commissioner by overseeing and monitoring the Commission’s governance, risk and control frameworks and external accountability requirements.
In 2015-16, the Committee met on five occasions. The Committee provided guidance in relation to the Commission’s preparation of its financial accounts and external financial audit, internal audit plan, business continuity management plan, financial delegations, legislative compliance framework, and risk management policies and procedures.
The Commission’s risk register is reviewed quarterly and reported to and discussed with the Audit and Risk Committee. The Committee also discussed the outcomes of internal audit reports and monitored the implementation of recommendations arising from the audit reports.
The Audit and Risk Committee also monitors the Commission’s compliance with Treasury Policy Paper TPP 17-06-Certifying the Effectiveness of Internal Controls over Financial Information and Treasury Policy Paper TPP 15-03-Internal Audit and Risk Management Policy for the NSW Public Sector.
The Committee has reported the Commission’s risk, control and compliance framework to be sound.