IPFA Leadership Team as at 30 June 2019
Details of Accountable Authority during the reporting period Current Report Period (2018-19)
IPFA Governance Framework
IPFA has a framework of policies and guidelines supported by Accountable Authority Instructions, operational guidelines, HR policies, processes and behaviours to ensure it delivers on its purpose and vision, conforms to its obligations and meets expectations of accountability and transparency.
IPFA Leadership Team
The central element of IPFA’s corporate governance structure is its leadership team, which provides leadership in pursuing and achieving IPFA’s purposes and vision as outlined in its Corporate Plan.
IPFA’s leadership team is responsible for setting and monitoring IPFA’s strategic direction, overseeing the business of IPFA, identifying risks, and managing IPFA’s budget and workforce.
IPFA Corporate Plan
IPFA’s 2018-21 Corporate Plan is measured and reported in the annual performance statement contained in this Annual Report.
IPFA’s Corporate Plans discuss IPFA and IPFA’s broader operating environment, and our performance framework including our targets, success measures and key performance indicators. The most recent Corporate Plan was released on 29 August 2019.
Risk Management Framework
IPFA’s risk management and oversight is contained in IPFA’s Risk Management Policy and Framework, developed in accordance with the Commonwealth Risk Management Policy.
These provide IPFA the basis to identify, prevent or mitigate the impact of uncertainty on the achievement of IPFA’s purposes as stated in its Corporate Plan.
Within the framework, IPFA has conducted strategic and operational risk assessments, and developed strategies to mitigate these risks.
IPFA takes an integrated approach to risk management, with consideration and management of risk forming a key component of our operational work. The treatment of IPFA’s identified risks takes into account IPFA’s defined risk appetite in its risk policy statement.
IPFA Audit Committee
In accordance with section 45 of the Public Governance, Performance and Accountability Act 2013 and Public Governance and Accountability Rule 17 – Audit Committees for Commonwealth entities, IPFA’s Audit Committee reviews and gives advice and assurance about the appropriateness of IPFA’s systems and frameworks for:
- Financial Reporting
- Performance Reporting
- Risk Oversight and Management
- Internal Control.
IPFA’s Audit Committee comprises an independent chair and two independent members from both within and outside of the Australian Public Service.
The Audit Committee is directly accountable to IPFA’s Chief Executive Officer.
IPFA’s Audit Committee met three times in 2018-19, with a further meeting occurring on 2 July 2019. Its long term work program provides for four meetings per year.
IPFA has engaged contracted audit providers to undertake its internal audit function. A two year Strategic Audit Plan is in place, linked to the planning cycle of IPFA’s strategic objective, risks and forward planning. The Strategic Audit Plan is reviewed by IPFA’s Audit Committee.