Risk management and compliance
Ethics and risk management
The NTC has an established risk management framework which provides a structured, ongoing process for the Commission, management and staff to identify, assess, respond to and report on risks that could prevent the NTC from achieving its organisational objectives. Risks are compiled in an enterprise risk register, which the Risk, Audit & Governance Committee reviews at each meeting before reporting to the Commission.
The Committee assures the Commission that there are risk mitigation plans in place for all significant enterprise risks and that all other risks are being appropriately managed. Biannually, it also reassesses all risks in the register and their controls and mitigation strategies, and reports back to the Commission.
During the 2020–21 year, the NTC continued to manage the risks associated with its work program and stakeholder engagement, as well as ICT risks, and business continuity. The NTC's business continuity preparedness was tested by the COVID-19 pandemic which required all staff to rapidly transition to remote working for the last quarter of the 2019–20 year and sustain this through most of 2020–21.
The NTC's ethics are clearly defined through its Code of Conduct which applies to all staff members. The code is reviewed periodically to align with best-practice standards and it, along with the corporate values and behaviours, sets the standard for the professional conduct expected of all staff. The code emphasises honesty, confidentiality, professionalism, diligence and the need to uphold the NTC's integrity and reputation. The NTC provides all new employees with a copy of the code and values and behaviours during the induction process, and also requires all staff to complete annual online compliance training related to the code and its principles.
In 2020, a new set of NTC values was developed through a staff working group in consultation with all staff. This refresh ensured the NTC has values that are contemporary and resonate with all staff as aspirational values they want to embody and see in the organisation.
The NTC has a comprehensive suite of policies and procedures and supporting management processes to help ensure the organisation meets its compliance obligations. The NTC uses Grant Thornton as its internal auditor to strengthen the NTC's risk management capabilities and provide independent oversight of and input to its compliance activities.
During 2020–21, the NTC experienced no instances of fraud or other compliance breaches.
Indemnities and insurance
For the reporting period ending 30 June 2021, there were no indemnity claims made against the NTC or any of its Commissioners or officers.
The NTC ensures adequate insurance cover is obtained each year to cover all areas of the organisation, including professional indemnity, directors and officers, general business, travel, and workers’ compensation.