Risk Management and Insurance Activities

Audit and Risk Committee

In accordance with TPP 15-03 Internal Audit and Risk Management Policy for the NSW Public Sector, the Authority established its own Audit & Risk Committee (ARC) on 24 September 2019. During the reporting period seven ARC meetings were held on the following dates:

• 21 July 2020 (Financial)
• 14 September 2020
• 9 October 2020
• 18 November 2020
• 15 March 2021
• 23 April 2021 (Early Close)
• 17 May 2021

The first ARC meeting held after the establishment of the Authority (following the expansion of the former WCAA remit to the entire Western Parkland City in July 2020) was 18 November 2020.

The ARC Charter that was established under TPP15-03 was reviewed by the ARC in November 2020. However in December 2020, TPP20-08 Internal Audit and Risk Management Policy for the General Government Sector was released with an updated model ARC Charter that superseded TPP15-03. Consequently, the ARC endorsed the updated ARC Charter at its 17 May 2021 meeting, and it is now pending Board approval.

The Accountable Authority is required to provide an annual statement attesting to compliance with the seven core requirements of TPP 20-08 Internal Audit and Risk Management Policy for the General Government Sector. This is provided at Appendix A.

Internal Audit

The Authority's outsourced internal audit service provider performed three audits during the reporting period:

• Stakeholder Engagement Framework Review;
• Delegations and Conflict of Interests Review; and
• Contract Management Review.

A three-year Strategic Internal Audit Plan for 2021 – 2023 had been developed for the Authority prior to the expansion of its remit and had been formally endorsed by the ARC in May 2020. An updated plan for the expanded Authority for the 2022 – 2024 Financial Years will be presented to the ARC in September 2021. Internal audit recommendations for actioning by the appropriate subject owner are reported to the ARC on a quarterly basis.

Risk Management

The Authority revised its Risk Management Framework, Risk Appetite Statement, and related risk tolerances during the reporting period to reflect the expanded remit. The updated Risk Management Framework and the Risk Appetite Statement were both endorsed by the ARC at the 15 March 2021 meeting.

To ensure the Authority has robust risk management practices in place, which are fully integrated into its operations, the Authority established a Risk Committee consisting of senior management to assist the CEO in overseeing risks and ensuring that the Authority's risk profile is within the adopted Risk Appetite Statement and tolerance levels.

The Risk Committee has met twice in the reporting period.

A Principal Risk and Audit Officer is engaged to embed risk management in the Authority through training staff and assisting with the identification, analysis, and development of risk management and mitigations of strategic, operational, and project risks.

During the year, the Authority's strategic and operational risks were identified and assessed with the Leadership Team. The identified risks have been endorsed by the ARC.

Insurance

Insurance coverage was provided by the Treasury Managed Fund (TMF). The Authority’s effective management of risk resulted in no insurance claims being made with TMF.

Work, health and safety

In order to comply with the Work Health and Safety Act 2011, the Authority has established a Work Health and Safety (WHS) Committee to ensure workers' health and safety at work, and to assist in developing standards, rules, and procedures relating to health and safety that are to be followed or complied with at the workplace. The WHS Committee first met on 18 February 2021 and has met three times in the reporting period.

With work progressing to the point of beginning the construction phase for the Bradfield City Centre, the Authority has prepared a project WHS plan and undertaken risk assessments for the Authority's managed assets. The Authority has established procedures and processes to provide site WHS services specifically associated with the Bradfield City Centre land to ensure the ongoing safety of staff, visitors, and members of the public when accessing the site and when construction works are being carried out on the land.

Claims and reports

No incidents reported.

Compensation claims as at 30 June 2021

Accidents and incidents reported

* The 'Other' category includes a range of general accidents and incidents that cannot be readily defined by the preceding identified cause types. Examples include minor near misses, reports by external visitors, and other undefined general incidents or illnesses.

The Authority's activities during the reporting period were mainly confined to office and work-from-home arrangements.

Fraud and corruption control management

The Authority's Fraud Management Plan, Fraud Management Framework and Policy have been reviewed during the reporting period. The Fraud Risk Register and associated controls were also reviewed and updated during the reporting period. There were no reports of fraud or corrupt conduct at the Authority during the reporting period.

Business continuity planning

The Authority has developed a Pandemic Plan, as well as an Emergency and Crisis Management Manual. An interim assessment on the effectiveness of the Pandemic Plan was conducted and reported to the ARC on 17 May 2021.

A schedule of work to update each of the business units' Business Impact Assessments to reflect the expanded Authority is currently being planned. Existing Business Continuity Plans will be updated, and new plans for business units requiring them will be prepared based on the Business Impact Assessments. The program for reviewing and updating the plans will commence in the new financial year.