Ensuring good governance
The CoAct Board is committed to the highest standards of governance and ethical conduct. We have mapped our compliance to the ACNC five standards but consider this a minimum. Our Board processes and practices incorporate the AICD's Good Governance Principles and Guidance for NFP Organisations and relevant ASX Corporate Governance Principles and Recommendations. Our Governance processes are externally audited as part of our Disability Services Standards accreditation and Quality Assurance Framework accreditation from the Department of Employment.
We recognise and manage risk
In an ever-changing and increasingly competitive environment, an effective Board requires sound risk management; cultures, processes and structures which enable the Board to take advantage of opportunities while managing potential adverse effects.
The Audit and Risk Committee oversees an annual Internal Audit program conducted by Oakton Consulting Technology. The internal audits, in conjunction with the Quality Assurance Framework (Department of Employment) and our Enterprise Wide Risk Management system, provide the Board with confidence that CoAct has in place comprehensive frameworks to adequately monitor and mitigate risk in key areas and ensure the sustainability of the company, and at the same time present continuous improvement opportunities.
During 2013/2014, CoAct, in partnership with Deloitte, developed and implemented an Enterprise Wide Risk Management (EWRM) system. Through the EWRM, potential risks to the organisation were identified along with controls to mitigate this risk and the Board has identified its level of risk appetite in key areas.
The Board receives a monthly Risk Dashboard report which gives an overview of the Company's performance against the Board's Risk Appetite Statements ensuring that areas of concern are identified promptly and corrective action is taken.