As a statutory body, the Portable Long Service Benefits Authority is required to comply with various requirements under legislation. Key legislation that governs the risk management of the Authority includes the various legislative obligations set out in the Long Service Benefits Portability Act 2018 and the Financial Management Act 1994. Effective risk management practices not only assist the Authority with meeting those obligations but also ensures that the Authority’s strategic objectives can be achieved in a controlled setting.
The Authority’s approach to risk management is to weave risk into the natural rhythm of the organisation and move risk beyond just a compliance exercise. Risk management is embedded in all decision-making processes across the organisation.
Principles for decision-making
- Strategic - We protect and sustainably grow funds while equitably administering the Scheme and building trust with stakeholders.
- Financial - We exercise prudent organisational financial management that supports the organisation sustainably.
- Service delivery - We strive to have positive interactions that help build awareness, education and engagement. We provide people with accurate information that supports informed decision-making.
- Operations - We take the initiative to enforce compliance after education initiatives are exhausted. We reserve the right to recover outstanding employer levies from the date for which the employer is liable.
- Information technology - We ensure we have secure technology solutions that encourage interaction and efficient registrations and ongoing service.
- Compliance and legal - We establish sound internal controls to prevent and avoid material and systemic compliance failures. Intentional misbehaviour will not be tolerated. Accept calculated legal risks and apply practical judgement to foster compliance with employers’ and workers’ legislative obligations.
- People - We maintain a safe, healthy workplace, actively recognising the value of employee contributions, develop team capability and encourage resilience and problem-solving in our staff.
Reviewed 25 November 2020