The NSW Government's Government Sector Finance Act 2018 (GSF Act) outlines minimum standards for risk management and internal audit.

The GSF Act strengthens accountability, transparency, performance and innovation.

Internal audits

Destination NSW conducted an internal audit program during the reporting year, comprising three internal audits undertaken by Deloitte:

  • Event funding – Sporting event
  • Regulation and Compliance
  • Workforce Capability

Destination NSW is implementing the agreed recommendations from these audits.

A risk management program has been developed to identify and manage risks consistent with NSW Government guidelines and policy.

Risk controls include:

  • Assessing corporate risk and conducting internal audits
  • Managing ongoing risk, including maintaining registers and conducting fire and safety audits
  • Developing risk identification and mitigation strategies through an enterprise risk register, risk framework, policy, and associated ratings
  • Maintaining appropriate insurance cover through the Treasury Managed Fund
  • Training and workshops
  • Business continuity and disaster recovery plans and training
  • Cybersecurity monitoring and management
  • Reviewing financial management processes

Insurance

Destination NSW is insured through the Treasury Managed Fund, which provides all-inclusive coverage for:

  • Workers compensation
  • Motor vehicles
  • Property
  • Cyber
  • Miscellaneous
  • Public liability