Corporate risk management
The APVMA Risk Management Framework, which was updated in 2017–18, is a suite of documents that detail strategies for how the APVMA deals with risk. The Strategic and Enterprise Risk Profile specifies the most significant and material business risks being managed by the APVMA, and the APVMA Risk Management Framework articulates and describes the:
- APVMA’s policy for the management of risk
- methodology used in the assessment of risk across the APVMA
- operation of APVMA’s risk registers and the integration of risk management through the APVMA
- strategies to develop a risk-aware organisational culture where proactive risk management is at the forefront of the decision-making process.
The Operational Risk Register identifies and categorises key business risks which need structured management within the APVMA.
The APVMA has also developed a risk framework including a risk register and treatment strategy for the relocation project. The framework was reviewed by the APVMA Audit Committee and the Relocation Advisory Committee.
We now regularly report against the risks identified in our Strategic and Operational Risk Registers. We are currently reviewing the risk registers to ensure their currency, remove duplication and validate the effectiveness of the controls applied to date.
The APVMA has a fraud risk assessment and a fraud control plan that complies with the Commonwealth fraud control guidelines. The plan includes fraud prevention, detection, investigation, reporting and data collection procedures.
There were no cases of fraud reported or identified during 2018–19.
The APVMA Gazette lists all APVMA notices and decisions as required under the Agvet Code, including registrations, reviews and changes to registration status. The Gazette is published fortnightly and is available from our website.
The APVMA prepares reports of its performance in meeting regulatory obligations, and presents a range of statistics, including:
- registration of chemical products
- approval of active ingredients
- issuance of permits
- licensing and audit of veterinary medicines manufacturers
- preliminary assessment and pre-application assistance.
The reporting includes:
- the number of applications started and finalised
- the proportion of applications finalised within legislative timeframes
- work in progress at the end of the period.
Indemnities and insurance premiums
The APVMA’s insurance with Comcover includes liability cover up to $150 million for professional indemnity, and directors’ and officers’ liability. The insurance premium paid to cover the 2018–19 financial year was $74 218 (excluding GST).