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Organisational structure

AOFM’s business structure remains broadly unchanged from the previous reporting period with its core operational activities segregated into three broad areas.

Front Office

Portfolio management and transaction assessment and execution are situated within the ‘front office’ – these activities encompass: meeting the financing and cash management tasks through AGS issuance; monitoring and assessing financial market conditions (including investor behaviour); managing the long-term debt portfolio; assessing and executing investments under the ABSF and SFSF programs; global market research (including monitoring and anticipating regulatory impacts on financial markets); and investor engagement (Funding, Markets and Strategy).

Middle Office

A ‘middle office’ (Enterprise Assurance and Performance) oversights separation of the back and front office functions through maintaining complementary frameworks for enterprise risk and assurance (including audit) and the coordination of outsourced legal services, and compliance with the AOFM’s obligations under relevant legal, regulatory and delegated powers. It also undertakes performance monitoring of the various portfolio and transaction activities.

Back Office

Business Operations comprise transaction settlements, together with all associated payment obligations and the monitoring and financial statement reporting of the AOFM’s transactions (and balance sheet activity) on behalf of the Australian Government. These activities form what is typically viewed in the financial sector as the ‘back office’ (Accounting Services). This is effectively two separate teams. AOFM governance, corporate related functions and support to the Chief Executive sit within a Corporate Development business unit. Advice on issues regarding the AOFM’s staff development objectives and APS specific issues are provided directly to the Chief Executive through a dedicated role.

This overall structure provides for an appropriate segregation of duties — consistent with financial industry best practice.

AOFM seconded staff members to:

  • the Treasury for a 2 month period commencing in October 2019,
  • the North Queensland Livestock Industry Recovery Agency for a period of 9 months commencing in March 2019,
  • the North Queensland Livestock Industry Recovery Agency for a period of 9 months commencing in December 2019, and
  • the North Queensland Livestock Industry Recovery Agency for a period of 6 months commencing in August 2019 .