Risk Appetite Statement
Advice/Customer Service
- Provide quality, independent and objective advice so that we:
- strengthen our trusted advisor status with the Treasurer and Premier
- avoid an unanticipated impact on State finances of +/- $500m
- Drive achievement of Fiscal Responsibility Act 2012 targets:
- maintain AAA credit rating
- keep expense growth below revenue growth
- Securely maintain confidential and sensitive data and only disclose as required by contractual & legislative obligations
* Implement a strong customer centric culture so that we have no more than one ministerial concerning a customer complaint where LSC actions were incorrect per year
Project, Transaction & Business Management
- Implement strong governance over all key projects, transactions and BAU activities to ensure:
- effective decision making
- clear accountabilities and responsibilities
- timely & quality delivery
- 100% compliance with applicable policies, legislation & regulation
- No successful litigation claims against LSC
Budgeting, Forecasting & Financial Reporting
- Excellence in budgeting and forecasting demonstrated by:
- gross budget variance for non-systemic items <$1m for revenue and <$2m for expenditure
- adherence to NSW Public Sector Wages Policy (incl. 2.5% cap)
- Produce high quality, accurate and timely financial reporting and minimise public censure by the Audit Office of NSW:
- unqualified Auditor opinion on the LSC financial statements
- Audit Office identify < 2 errors above $20m
- Maintain sufficient liquidity to meet all short term cash obligations as they fall due
- Continually invest in IT infrastructure and applications to enable business strategy and ensure recovery of the payroll system within 24 hours and for other business critical systems within 1 week of a service interruption ^
- Asset to liability coverage (ABRI) target of 115% with a range of 105% - 125%
People & Capability
- Maintain zero tolerance for workplace injury and fatalities
- Drive superior People Matter Employee Survey results:
- Survey response rate is > 75%
- Engagement Index score is 5% better than Sector average
- Scores are better than Sector average for all questions
- Develop talent by ensuring:
- Performance & Development Plans exist for all staff
- succession plans exist for all critical roles
- Demonstrate the LSC is an Employer of Choice:
- voluntary staff turnover is < 10%
- promote staff mobility by ensuring the average number of years in the same role is < 3 Years
