Optimising Our Performance
WATC is committed to continually improving our high quality systems, capabilities, processes and practises that support the achievement of our vision and objectives, now and into the future.
WATC optimises our performance by improving efficiencies in service delivery, processes and practices. Investing in our people and systems also ensures continued organisational success, while building our capabilities for the future.
Optimising Efficiency for Clients
WATC endeavours to improve our clients’ efficiency through initiatives such as the introduction of the Client Portal. Launched in November 2017, the online platform enables clients to easily submit transaction requests, receive confirmations and access all relevant reporting in a secure, consolidated and consistent framework. To ensure a successful transition, while minimising the impact on clients, we showcased the Client Portal and its features to individual clients. Almost half of our client base have transitioned onto the Client Portal.
Supplementary to the Client Portal, WATC consolidated our reporting for client investments and FX, condensing the former set of 18 individual documents to six cohesive and holistic reports, the benefits of which have been evident in the overwhelmingly positive feedback provided through the client-based testing conducted as part of the process.
WATC’s people management strategy focusses on building skill to ensure we have a workforce and work environment capable of delivering our current business goals and developing our future strategic objectives. As a diverse workforce is better able to provide heterogeneous thinking and solutions, we have a continual focus on increasing diversity of prospective applications. WATC also builds capability through supporting our people with learning and development opportunities.
Improving Processes, Practises and Systems
Through an openness to continually review and improve our processes and practises, gains in internal efficiency were achieved. By optimising processes, WATC met all documentation needs in an expedient manner, despite an increase in volume, whilst ensuring commercial certainty to the terms of transactions and relationships to protect the interests of our clients, WATC and the State as our guarantor. Additionally, in March 2018, WATC commenced online surveys to gain invaluable client feedback about client engagements, a process that was previously conducted by email correspondence.
WATC also commenced transitioning onto the GovNext-ICT cloud, a whole-of-government approach to simplify ICT infrastructure systems. Our development fleet is now fully operational on the cloud and the production fleet is scheduled to move before the end of 2018. Although much of our ICT functionality is being migrated to this cloud, it is still imperative that WATC has the ability to maintain critical operations following a business continuity event. As such, during the year, we continued our ongoing program of business continuity testing, identifying and implementing improvements in processes.
Enhancements were also made in our risk monitoring, including closely watching developing credit and market risks, to safeguard against disruptions or financial losses to the State. This involved introducing credit risk analytical tools to monitor potential default risk and refining valuation methodologies to more precisely track fluctuations in the value of billions of dollars of assets and liabilities managed by WATC.
A review of our core Treasury Management System requirements for the future will result in a Request for Tender to examine current technological solutions available in the market.
The Treasury Management System assessment will incorporate a review of business processes to ensure that they continue to provide ongoing efficiency and a strong control environment.
WATC will take advantage of the efficiency opportunities available by embracing Digital WA and moving technology infrastructure into the GovNext-ICT cloud.
Development and implementation of an improved performance management framework.