Below is an overview of the current Governance in risk management in NSW Treasury.
Financial Management & Accounting Policy (FEFR)
- Provides a framework of policies and guidance to assist agencies implement risk management.
- Requires attestations from agencies on their compliance with TPP15-03 Internal Audit and Risk Management Policy for the NSW Public Sector.
- Participates on the sector’s Enterprise Risk Management Community of Practice.
- Partners with icare on sector training needs.
Financial Risk Management (FRM)
- Identifies and monitors specific risks that are significant to the State’s balance sheet.
- Provides guidance where risks impact multiple agencies, to ensure a whole of Government (WoG) response to the risk.
- Develops and implements WoG risk policies.
- Leads the Investment Oversight Committee and key contributor to the Asset and Liability Committee and Treasury Balance Sheet Committee.
The Chief Risk Officer
- Provides advice and training on risk and control assessments and implements risk management policies, procedures and systems in Treasury.
- Promotes risk management including organisational resilience across the Treasury cluster and the NSW public sector.
Audit and Risk Committee
- Monitor, review and provide advice on the agency’s governance processes, risk management, internal control frameworks, financial statements and external accountability obligations.
