Governance Disclosures

Senior officers

In 2018-19, there were no disclosures from senior officers that they held any shares, a requirement under Treasurer’s Instruction 903(14).

No senior officers, firms of which senior officers are members, or entities in which senior officers have substantial interest, had any interest in existing or proposed contracts with the Department other than normal contracts of employment of service.

Board and committee remuneration

In 2018-19, the Department of Finance had no board or committee costs and memberships.

Audit and Risk Management Committee

The Audit and Risk Management Committee oversees the operation of the Department’s audit and risk management functions, and endorses the annual Audit Assurance and Risk (AAR) Plan. This year, the Committee further enhanced audit and risk management operations within the Department by:

  • successfully completing all quarterly meetings and the 2018-19 work plan;
  • commencing development of procurement fraud and corruption data analytics indicators to identify potential instances of fraud and undertake further investigation;
  • ensuring that over the year all departmental policy and other governance documents relating to risk, fraud and audit matters remained current and relevant to assist with effective management practices;
  • addressing the vast majority of audit findings raised by a comprehensive internal information security review completed in late 2017-18. A total of 210 findings were raised with now only 30 outstanding (14 per cent). During the period, 16 high risk findings were addressed with the remaining three near closure; and
  • ensuring the Department’s AAR plan included coverage of key emerging risks including:
    • assisting the Building Management and Works (BMW) business unit with the development of a “Risk Profiling Tool”, which provides the necessary rigour for prioritising treatment of key areas of risks relating to potential water contamination and school ceiling failures;
    • providing assurances in relation to the design and operational effectiveness of the BMW and Strategic Projects (SP) works funding models. This included assessing that costs are accurately recouped for the delivery of capital works projects through a fee for service arrangement and recommending an approach to operate under one funding model;
    • assessing the adequacy of BMW reporting on key projects committed to during the election, which has resulted in the Director General requesting the development of a mechanism to assist with reporting on government priorities;
    • an extensive assessment of recruitment and selection processes for the purpose of providing advice to the Director General to enable a response to a Public Sector Commission query.