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Risk management and fraud control

During the year, the annual review and update of OPC’s risk management framework was completed.

OPC has in place a Fraud Control Policy and Plan and appropriate fraud control mechanisms that meet the needs of OPC and comply with the Commonwealth Fraud Control Framework for the 2019-2020 financial year, including reporting requirements. OPC has reviewed the Fraud Control Policy and Plan during the year. The review included an assessment of risks. No additional fraud control initiatives were undertaken as a result of the review.

OPC has in place appropriate fraud prevention, detection, investigation, reporting and data collection procedures and processes that meet OPC’s specific needs and comply with the Commonwealth Fraud Control Framework.

A number of internal policies and procedures have been developed and updated to support and complement our Accountable Authority Instructions, Risk Management Policy and Plan, and Fraud Control Policy and Plan.

An integral element of OPC’s risk management framework is business continuity management (BCM).

Over the last few years, OPC undertook a comprehensive review of the BCM framework and implemented a variety of actions to further strengthen this framework, including:

  • updating the Business Continuity Action Plans; and
  • undertaking exercises and testing of the new business continuity arrangements.

This work proved to be extremely valuable during the COVID-19 crisis as OPC was able to use the Action Plans to be able to continue working throughout the crisis. In addition, the Action Plans provided a very useful template that OPC could use as the basis for a specific COVID-19 action plan.