AUSTRAC’s risk management framework and supporting capability comply with the Commonwealth Risk Management Policy.
AUSTRAC recognises that risk management is an important element of good governance and management practice. The agency’s risk management framework cultivates efficient and effective risk management practices in AUSTRAC’s business and decision-making activities. We will continue to mature our risk management governance structure, based on three pillars:
- Integration: the integration of risk management into the agency’s processes and its governance structure
- Ownership: the risk management roles and responsibilities, and related governance committees
- Escalation: the link between severity of a risk and the management level to which the risk should be escalated for treatment or action.
AUSTRAC has further integrated risk management into its agency governance structure through strategic risk oversight and monitoring at the executive level and integrating the consideration of relevant risks at the business operations and specialist area level.
The AUSTRAC Audit and Risk Committee provides independent oversight of the risk management framework and activities at AUSTRAC.
Strategic risk management
Proactive identification and management of emerging and strategic risks: