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Managing risk

During 2007/08 we reviewed the role and terms of reference for the Internal Audit and Risk Management Committee. In response to the Auditor-General’s guidelines and to better meet the needs of the business, the committee was reconstituted and an external chair was appointed.

Our Internal Audit and Risk Management Committee operates independently of the Chief Executive and has the mandate to look across all our activities. The committee has a balance of internal and external committee members, and is chaired by one of the three external members. Between them, the committee has extensive experience in public and private sector financial management, risk management and governance.

Following an internal audit of our risk management processes, we are reviewing our risk management framework. Revisions to this framework are due to be completed during 2008/09.

During 2007/08 we carried out a legislative compliance survey to assess our level of compliance with legislation relevant to Statistics New Zealand. While no significant issues were identified, there were issues with some legislation that we are now dealing with. A second survey will be carried out in 2008/09.

In the Statement of Intent 2007 we identified five key risks that have the potential to impact on the effective operation of the department. These risks, our responses, and our actions taken during 2007/08 are outlined in table 10.

Table 10

Our five key risks.

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