The Future Fund Management Agency (FFMA) is considering a move to a fully integrated Operational Risk and Compliance Management System (ORCMS) in an effort to improve the efficiency and effectiveness of its operational risk and compliance functions.
The agency, which helps manage the fund designed to cover the cost of public sector superannuation liabilities, said an ORCMS would create a central repository of the organisation’s operational and compliance risks and associated controls.
It would also store risk and compliance documentation such as policies, procedures, evidence of control operation, and provide an incident reporting and management capability.
It is also looking to an ORMCS to facilitate and improve decision-making and reporting, improve productivity, and further embed an operational and compliance risk culture throughout the FFMA.
A key part of a move to an ORMCS would be the ability of the FFMA to align itself with the standards ISO 31000:2009 Risk Management — Principles and guidelines, and AS 3806:2006 Compliance Programs, the FFMA said.
The FFMA said it was considering open source solutions and software-as-a-service-based approaches to an ORMCS.
The FFMA said in January it was considering implementing an electronic document and records management system (EDRMS) in an effort to boost its knowledge management and compliance management capabilities.