Risk oversight and management
ASD’s Executive Committee is the primary advisory committee to support the Director-General in the oversight of all ASD functions. The committee defines operational and corporate risk tolerances, and oversees effective risk management across the agency. The Director-General is supported in these functions by ASD’s governance framework and committees.
The ASD Audit and Risk Committee (ASDARC) was established in 2018 to comply with section 45 of the PGPA Act. The ASDARC provides independent assurance of ASD’s risk management framework, internal governance and performance. It provides independent advice to the Director-General with respect to financial reporting, ASD’s system of oversight and management, ASD’s system of internal control, and internal and external audit reports.
ASD continues to embed risk management principles to support timely decision-making and reporting, prioritisation of resources, increased compliance and efficiency, and continual improvement in operations. ASD has an endorsed Enterprise Risk Management Policy, which outlines our approach to managing risks and the way in which this supports our strategic objectives. The policy provides a list of responsibilities for all staff, including managers, risk owners and control owners. It will be reviewed annually, or as directed by Director-General ASD.