The Mint supports, promotes and complies with the requirements of Section 10 of the Public Governance, Performance and Accountability Rule 2014, which are set out in the Mint’s Fraud Control Plan. Core business functions are assessed regularly for fraud risks and the Fraud, Bribery and Corruption Plan is amended as necessary. The plan was last updated in October 2018.

Staff members are regularly reminded of their obligations as APS employees to maintain the highest standards of ethical behaviour in accordance with the APS Values, APS Code of Conduct and the Mint Values.

They are also encouraged to report any suspected fraud without fear of prejudice or recrimination.

All new staff members and contractors undertake an induction which includes the Mint’s fraud control requirements. Ongoing training—as well as frequent reminders through posters and bulletins—ensures staff understand their obligations and adhere to the requirements. Fraud control training was last undertaken in October 2018.

The Mint’s fraud control officer reports quarterly to the Audit Committee with updates on:

• the Mint’s fraud risk assessment and Fraud, Bribery and Corruption Plan
• mechanisms used to manage the Mint’s specific needs for fraud prevention—including detection and investigation—and for dealing with, recording and reporting incidents of fraud, and
• measures in place to deal appropriately with fraud.

The Mint reports annually to the Australian Institute of Criminology on fraud against the Commonwealth and fraud control arrangements.

RISK MANAGEMENT

The Mint’s Risk Management Framework is consistent with the Commonwealth Risk Management Policy 2014 which provides appropriate systems and internal controls to oversee and manage risk in Commonwealth entities.

This framework is used by managers and staff in embedding risk management into their business decision- making processes. This register is supplemented by the involvement of staff in risk identification and management.

The Mint has a wider risk management profile than most Australian Government agencies. In addition to organisational risks, the Mint has a wide range of business and commercial risks associated with its role as manufacturer and supplier of coin products to domestic and international markets.

A centralised Risk Register continues to underscore the Mint’s work to analyse, record and manage risks. Senior and first-line managers across all branches are trained to use the register, which in 2018–19 contained more than 280 risks under active management.

Internal and external audits in 2018–19 confirmed the Mint’s Risk Management Framework as fit for purpose. The Mint will continue to maintain and enhance the framework through:

• gap analysis between existing and desired risk management activities
• better risk evaluation, including by incorporating a numerical based system to more clearly distinguish risk levels
• better disaggregation of the Mint’s strategic risk profile, and
• improved monitoring of the effectiveness of risk management activities.

A review of the current Risk Management Framework was carried out in 2018–19. The new framework 2019–2020 will be developed and released next year.