Operational risk arises from external factors, technology, or shortcomings in people, organisation or processes. The aim is to minimise this risk and avoid interruptions to debt management or financial losses caused by process deviations.
The State Treasury systematically monitors its processes and related risks. Risk events and near misses are reviewed carefully and used to improve processes. Operational risks are reported to the Ministry of Finance.
Key focus areas include data security, which encompasses the security of both documents and IT systems. Equal focus is given to developing and continuously testing operative business continuity plans. External information security audits have also supported improvements in debt and cash management processes.