Statement of Corporate Intent MAC Business 1 July 2006 to 30 June 2009
Tabled paper 822
Tabled papers for 10th Assembly 2005 - 2008; Tabled Papers for 10th Assembly 2005 - 2008; Tabled papers; Tabled Papers; ParliamentNT
2007-02-22
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https://www.legislation.gov.au/Details/C2019C00042
https://hdl.handle.net/10070/283640
https://hdl.handle.net/10070/410715
The table below identifies the key treatment (mitigation) initiatives that have been proposed for the TIO Group in response to applicable corporate risks along with the key current controls. The table is not the complete list of corporate risks as many of these are effectively mitigated in 'business as usual' processes and do not rate a specific mention in the Statement of Corporate Intent. Corporate Risk Key Current Controls Key SCI Mitigation Initiatives Not achieving required return on funds Services of an Asset Consultant who models appropriate investment strategies within an acceptable risk range to capital assists with monitoring the values of different asset classes and fund manager ratings. Alternative capital funding arrangements, reviewing the TIO/MAC investment strategies and performance and reviewing the corporate treasury system. Poor corporate governance practices Board Charter, committee terms of reference, authorities and delegations, risk management processes, Board and management reporting. Implementation of the MAC statutory fund, operational and integrated risk management frameworks, policy framework and compliance with the Treasury prudential standards. Inability to attract, develop and retain staff Employment contracts, professional development and mentor programs, succession planning, performance development plans and bonus structures. Review and development of HR strategies, evaluate cultural change programs and a Generation Y retention review. Inadequate IT infrastructure and services Network and capacity planning, system performance monitoring, change management controls, virus scanning and security protocols. Insourcing of the banking system, e- solutions, improving MIS framework and CRM implementation. Poor stakeholder and reputation management Regular meetings with key stakeholders, customer focus groups and surveys, media monitoring, communication plans and media liaison. Implementation of Treasury prudential standards. Lack of business continuity Business continuity and disaster recovery plans, logical and physical IT controls, alternate sites and building controls. Implementation of Treasury prudential standards. Poor compliance Divisional/functional compliance registers and manuals compliance newsgroups and internal audits and compliance reviews. Operational and integrated risk management frameworks and implementation of Treasury prudential standards. Poor strategy implementation & performance management SCI and business plans, quarterly business plan review, business plan tracking tool, Board reporting and performance management plans. S&M manager performance and profitability management program and improve MIS framework (financial forecasting and budgeting, project and capital expenditure). Statement of Corporate Intent - MAC 19