Risk Management, Fraud and Internal Audit

Risks must be identified at an early stage, assessed and then mitigated if IBA is to be successful in meeting its objectives.

The IBA Risk Management Framework provides IBA with an integrated and structured process to identify risk exposure across its activities and to provide an assurance that its exposure is adequately controlled and addressed. The Risk Management Plan outlines the Business Risk Register and key strategies to address business risks. In addition, the Business Continuity Plan and the Fraud Control Plan are important components of the Risk Management Framework.

The Audit and Risk Committee is responsible to the Board for the ongoing monitoring and review of the adequacy of the risk management framework and fraud control plan, including the actions agreed to in the Risk Management Plan. The Committee is also responsible for reviewing IBA’s internal audit program.

The IBA Code of Conduct and Values require staff to maintain appropriate ethical standards. The IBA Fraud Control Plan is in line with the Commonwealth Fraud Control Guidelines. It includes a fraud risk assessment and appropriate fraud prevention, detection, investigation and reporting procedures.