In 2016–17, AUSTRAC will continue to review its capability to ensure we achieve our objectives and transform and reposition our agency for the future.
The review will identify the capability changes required for AUSTRAC to realise its vision for the future. The review will introduce a new capability framework and model for the agency that will complement our strategic planning and business processes.
The review involves extensive consultation and engagement across the entire agency. All staff actively contribute to shaping our agency’s future. The review team identified a number of priority capabilities which are instrumental to achieving our strategic vision:
- Supervision – our ability to effectively regulate reporting entities
- Data analytics – our ability to exploit our data assets
- Financial intelligence – our ability to provide actionable intelligence
- Technology – our ability to harness technology to support our functions.
Our future capability requirements will be developed in line with our transformational change program and other strategic initiatives including an enterprise strategic workforce plan, a national financial intelligence centre of excellence in partnership with government agencies and the private sector, AML/CTF reform and expansion of our international footprint.
AUSTRAC applies a consistent approach to direct investment in capabilities that advance the agency’s strategic priorities.
We evaluate our investment proposals to consider benefits (strategic alignment, operational efficiencies, mitigation of risk) and delivery risks (scale of project, technical and stakeholder complexity, access to appropriate skills).
Architecture and systems
Our landscape is constantly changing and this requires a more agile enterprise and technical architecture. We need rapid and ongoing innovation that embraces new technology and ensures we can effectively adapt to our changing world.
Our data and systems are a national asset. Our future depends on converting them into an effective capability that delivers accurate, timely and actionable financial intelligence to users.
The creation of our financial intelligence-led centre of excellence is central to our evolving enterprise architecture to meet our regulatory and intelligence needs.
We will also deliver innovative tools that operate across our data stores. This includes exploring solutions that can deliver critical multi-stakeholder intelligence collection and analysis capabilities across the agency.
Through developing innovative, robust solutions to extract maximum value from our data, we will instil a continual improvement mindset about our data and information.
AUSTRAC recognises that in this modern era of unprecedented IT and systems evolvement that all capabilities and architecture projects must remain fluid and be able to respond to the introduction of new capabilities, business processes and technologies not available at the time of project commencement in earlier years.
AUSTRAC has specifically taken this response with respect to our architecture, people and infrastructure that is needed now and into the future.
We are currently in the process of critically evaluating all AUSTRAC systems, infrastructure, business processes and overall capability, including the skill sets our people will need in the years to come, using a modern risk framework to ensure that all are fit for tomorrow’s intelligence-led and risk-based business and government partnership environments.
To this end we are building new flexible systems, infrastructure, business and people capabilities using agile methodologies and we are retiring, depreciating and, where necessary, impairing older systems that do not meet the requirements for a modern-age intelligence agency in consultation with a wide range of stakeholders including the Department of Finance and the Australian National Audit Office in accordance with applicable accounting standards.
AUSTRAC is committed to fostering talent and supporting our workforce to achieve a high performance environment.
We will develop an enterprise strategic workforce plan that incorporates the capability review and 2016 People Strategy.
Our collaboration with internal and external partners and stakeholders will assist AUSTRAC to:
- better understand industry workforce capability requirements
- develop improvements that identify, attract and use talent
- ensure accountability.
We also pursue flexible employment arrangements to build stronger teams.
Our Professional Learning and Development Strategy 2020 aims to build staff awareness and engagement with AUSTRAC’s career vision. We encourage innovation, collaboration and building staff leadership capabilities.
The strategy provides a holistic view of performance and building collective competence, as well as connecting the capability of our people with our business.
Capability through partnerships
An important way to build our capability is by working closely with our partners and industry.
We collect, collate and analyse financial transactions and reports on suspicious customer behaviour. This enables us to collaborate with the public and private sectors in our fight against serious financial crimes and terrorism financing. AUSTRAC’s expert analysts ‘join the dots’ to provide a complete financial intelligence picture. Actionable financial intelligence is provided to 45 partner agencies including law enforcement, national security, human services and revenue agencies, as well as the Five Eyes and international counterparts.
Our Know Your Industry initiative facilitates greater collaboration and knowledge of how our industry partners operate. Reciprocal arrangements continue for industry members to be hosted by AUSTRAC.