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Strategic priorities

ARPC’s 2019-23 Corporate Plan set out five strategic priorities based on business objectives.

  • Extend thought leadership and expertise.
  • Engage, understand and collaborate with stakeholders.
  • Provide a world class response to terrorism incidents.
  • Embrace and evolve to a changing market environment.
  • Enhance and strengthen the resilience and preparedness of our people and organisation.

Progress against the 2019-23 Strategic Priorities

ARPC made progress against all five strategic priorities outlined in the 2019-23 Corporate Plan
in the following five key performance areas:

One: Providing reinsurance for eligible terrorism losses

Two: Encouraging private sector participation through retrocession

Three: Compensating the Government

Four: Maintaining financial sustainability and organisational resilience, and

Five: Engaging, understanding, and collaborating with stakeholders.

Activities undertaken to progress ARPC’s strategic priorities in these key performance areas are
detailed in Activities undertaken to progress ARPC’s strategic priorities.

Activities undertaken to progress ARPC’s strategic priorities

Strategic Priority
1. Extend thought leadership and expertise

Key Performance Areas

Core activities and achievements

One

Two

Three

Four

Five

Completed the Cyber Terrorism Research project in conjunction with the University of Cambridge’s Centre for Risk Studies and the OECD. Released research findings in a Compendium which is available on our website. The formal launch event scheduled for 18 March 2020 was postponed due to COVID-19.

The Standards Australia Handbook for ‘Base Building Physical Security Handbook – Terrorism and Extreme Violence’ is nearing completion. ARPC has facilitated the inclusion of additional input from national security agencies. The final handbook will be published in 2020-21.

Continued to identify and educate the market about potential gaps in cover. Initiated development of a research paper with the University of Queensland on insurance market gaps in relation to terrorism.

Participated in the OECD High Level Advisory Board.

Initiated preparations for the 2021 Triennial Review of the ARPC scheme undertaken by Treasury by preparing suggested terms of reference which have been shared with Treasury. Resources have been allocated to provide Treasury all necessary assistance.

* Core activities and achievements have been allocated to the Key Performance Areas that they predominantly address

Strategic Priority
2. Engage, understand and collaborate with stakeholders

Key Performance Areas

Core activities and achievements

One

Two

Three

Four

Five

Engaged with stakeholders to deepen understanding and develop greater understanding and consensus on the TI Act and Regulations.

Delivered the 2019 Terrorism Risk Insurance Seminar with positive stakeholder feedback.

Delivered informative and relevant presentations at industry events, including conferences.

Met with government representatives, insurers and commercial property owners to inform them about scheme coverage.

Participated in the OECD High Level Advisory Board.

Detailed preliminary work undertaken with consultants before launching our first stakeholder survey.

* Core activities and achievements have been allocated to the Key Performance Areas that they predominantly address

Strategic Priority
3. Provide a world class response to terrorism incidents

Key Performance Areas

Core activities and achievements

One

Two

Three

Four

Five

Conducted multiple tests of the DTI Response Procedure for continuous improvement.

Provided advice to the Government at the request of the Minister.

Continued to enhance the claims response plan.

Continued development of 3D catastrophe modelling for blasts and biochemical events throughout Australia.

Development of geospatial catastrophe modelling covering all mainland locations in Australia.

Purchase retrocession reinsurance to increase ARPC’s total funds available for claims following a DTI, while minimising the need to call on the Commonwealth guarantee.

* Core activities and achievements have been allocated to the Key Performance Areas that they predominantly address

Strategic Priority
4. Embrace and evolve to a changing market environment

Key Performance Areas

Core activities and achievements

One

Two

Three

Four

Five

Worked with government stakeholders to implement postcode changes effective 1 July 2019.

Shared the Ownership Model Feasibility Study with Government.

Completed the cyber terrorism research project. Research Compendium is available to stakeholders in industry and government from our website. Research has been provided to Treasury and will inform the 2021 Triennial Review.

Continue to review and upgrade the IT environment for maximum operational effectiveness.

* Core activities and achievements have been allocated to the Key Performance Areas that they predominantly address

Strategic Priority
5. Enhance and strengthen the resilience and preparedness of our people and organisation

Key Performance Areas

Core activities and achievements

One

Two

Three

Four

Five

Purchased retrocession to increase ARPC’s total funds available for claims post a DTI whilst minimising the need to call on the Commonwealth guarantee to pay initial claims.

Judiciously managed net assets so ARPC maximises its financial performance.

Implemented a holistic Capital Management Policy to support ARPC’s financial sustainability.

Produced monthly reporting based on balanced scorecard key performance indicators.

Made payments to government as per the current Ministerial Direction.

Updated IT strategy identifying future roadmap for IT.

Identified technological tools to increase staff efficiency and effectiveness and their ability to interact with key stakeholders.

Delivered staff training to develop, connect and empower ARPC’s people towards execution of meaningful work.

Engaged all staff in mid-year and year-end performance conversations and appraisals.

Completed the governance and compliance redesign to maintain best practice.

* Core activities and achievements have been allocated to the Key Performance Areas that they predominantly address