AUSTRAC is committed to highly responsive strategies that allow us to address current and future risks of money laundering and terrorism financing to the Australian community and economy.
This requires us to focus on integrating risk management practices into all aspects of our operating model.
Better integration of risk management into AUSTRAC’s business and decision-making processes will assist us to:
- successfully implement AUSTRAC’s priorities and achieve our objectives
- obtain systemic and structured information to identify, organise, understand and act upon fundamental risks
- effectively manage resources to support our management strategies
- plan and adapt to current and future threats of money laundering and terrorism financing.
Our risk management framework and supporting capability comply with the Commonwealth Risk Management Policy.
Strategic risk management
AUSTRAC has developed an approach to strategic risk management that will become an integral part of its operating model. The approach aligns with the Commonwealth Risk Management Policy, providing a clear line of sight about how AUSTRAC invests in its people and resources to mitigate the greatest risks to Australia.
AUSTRAC’s approach to managing risk
|1. Scanning the environment||2. Invest our resources||3. Assess and improve|
|Understand the risks and opportunities||Target resourcing to highest risks||Review our treatment of risk|
|Identify investment opportunities||Collect performance information||Identify opportunities to improve|