AUSTRAC has developed a new performance framework where our vision and purpose are directly linked to our performance objectives and indicators.
Nine performance objectives have been developed. Each objective has a number of indicators to assist us to measure our performance. These new indicators have been developed with a view that they will apply to the forward years but they will be reviewed yearly to see that they are working effectively.
To measure our performance for 2015-16, we will apply a range of qualitative and quantitative measures. During the year we will collect evidence and data to assess our achievements against the indicators that relate to our purpose – to regulate, discover, understand and respond.
Due to the shared contributions with our partners, and the level of maturity of this new framework, it is not appropriate for us to have specific targets. However where it is important to the outcome or in identifying trend analysis, we have adopted quantitative performance indicators.
Our performance framework is built on an approach to create, add and share value.
|Value created||Value added|
|Knowledge||A domestic and international financial system that is resilient to criminal and terrorism threat where regulated entities are empowered to be part of the solution.|
|Detection||A financial system where our partners have the actionable intelligence to discover and treat criminality.|
Our business is to discover ML/TF threats and risks. To achieve this:
- We collect information from industry and others.
- We build knowledge of the environment.
- We create an intelligence source for national security, law enforcement and revenue agencies.
|1. We develop and maintain information exchange avenues with domestic and international partners.||
|2. AML/CTF data and intelligence is useful and accessible to our government partners, and data integrity is maintained.||
Our business is to understand the ML/TF threats and risks discovered. To achieve this:
- We identify new and emerging compliance risks.
- We determine risk priorities within the financial sector.
- We detect non-compliance and criminal abuse in the financial sector.
- We transform financial transactions data into actionable intelligence.
|3. We identify current and emerging non-compliance risks and issues in regulated entities.||
|4. We identify current and emerging money laundering and terrorism financing risks and issues.||
Our business is to respond to the threats and risks discovered - in partnership with industry and government agencies in Australia and overseas. To achieve this:
- We take action to address non-compliance by industry.
- We shape the regulatory system to manage ML/TF risk.
- We provide timely, actionable financial intelligence to law enforcement, national security and revenue partners to support disruption.
- We play a specialised financial intelligence role in multi-agency initiatives.
|5. We respond to ML/TF risks within regulated entities by taking action that is proportionate to the level of risk that is posed.||
|6. AUSTRAC intelligence leads to national and international law enforcement and national security outcomes, contributing to global efforts to combat money laundering and terrorism financing.||
Our business is to regulate industry effectively.
To achieve this:
- We design and enforce AML/CTF regulation.
- We educate the sector about obligations and vulnerabilities.
- We influence policy and build capacity in the financial sector.
|7. We regulate effectively (in line with the regulator performance framework).||
|8. We maintain and improve the AML/CTF framework, and contribute to policy and law reform.||
|9. Regulated entities understand and meet their obligations.||
In order to achieve our strategic direction over the next four years, we identity we need to make the following shifts to:
- a more proactive agenda setting and thought leadership of financial intelligence
- a focused strategic direction on whole-of-government priorities
- collaborative relationships with government and industry across operations
- our people having multidisciplinary skills that enable innovative responses to future demand
- increased/targeted international influence and operating activity
The major risks to achieving these shifts and achieving our strategic and performance objectives are:
- AUSTRAC fails to discover or adequately respond to important intelligence or non-compliance events due to a failure in internal business processes, an inability to ensure the integrity of AUSTRAC data, or ineffective (internal and external) collaboration.
- AUSTRAC fails to effectively respond to environmental changes or take innovation opportunities which may compromise the agency’s ability to respond to new challenges or threats.
- AUSTRAC fails to sustain the required workforce or fails to anticipate and align its future workforce resulting in sub-optimal operational delivery and effectiveness.