IP Australia’s key governing body is the Executive Board. The Executive Board supports the Director General in delivering the strategic and operational outcomes of IP Australia. It considers all issues that affect our strategic direction, corporate governance, performance and reputation.
The Executive Board is supported by 5 primarily internal governance committees, 4 of which consist of internal members and one – the Investment, ICT and Property Committee – that includes one independent member. This committee develops and oversees investment strategies that align directly with IP Australia’s Corporate Plan.
In addition, as required under the PGPA Act, IP Australia’s Director General has established the Audit Committee to provide independent advice, support and assistance in meeting his duties and obligations as an accountable authority.
IP Australia’s governance practices comply with all statutory requirements and are reviewed annually to ensure they remain relevant and effective.
We have a comprehensive risk management framework, which enables us to effectively manage risks in accordance with our risk appetite. We routinely monitor and report on risks at operational and strategic levels, with the governance committees providing a key mechanism for the escalation and delegation of risks and controls. The Executive Board and Audit Committee play key roles in managing and monitoring strategic and emerging risks that have the potential to impact our objectives, and monitoring progress towards the achievement of our risk maturity culture targets. IP Australia has set clear targets for risk maturity, which are independently assessed through our internal audit function (we achieved ‘Established’, Level 3 of 5) and the Comcover Risk Management Benchmarking Program (we achieved ‘Embedded’, Level 4 of 5). Roadmaps to progress maturity are monitored by the Executive Board on a quarterly basis.