ACARA has a risk management framework in place, which sets guidelines for risk management at all levels of the organisation, including stipulating ACARA’s risk appetite in various domains.
The aims of ACARA’s risk management framework are to:
- enable ACARA to proactively identify and manage its risks in a systematic and
- integrate risk management processes into strategic and business planning
- promote risk awareness and attention to the ongoing review, treatment, monitoring and reporting of risks throughout the organisation.
The structure of ACARA’s documents and the corresponding implementation process, including terminology, assessment and evaluation criteria, are based on the standard for risk managementISO 31000 and align with guidance material issued by the Australian Government Department of Finance.
Under the Australian Government legislation, there is a requirement for all agencies to have a fraud control plan. To satisfy this requirement, ACARA has a fraud control policy and plan in place, which were reviewed and endorsed during 2019–20.
The core objectives of ACARA’s fraud control policy are to identify potential fraud risk categories to which ACARA is exposed and to outline responsibilities for fraud control.
ACARA has also undertaken fraud risk assessments and has in place appropriate mechanisms that meet the specific needs of ACARA for preventing, detecting, investigating and dealing with fraud. In the 2019–20 period, ACARA took all reasonable measures to prevent fraud and have systems in place to appropriately deal with any detected instances of fraud relating to the entity.