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 continually looks to improve efficiencies in our service delivery, systems and processes as well as invest in our people and capabilities.
Facilitating Efficiency for Clients
WATC endeavours to improve our clients’ efficiency through a range of initiatives. From 1 July 2019, the new leases standard (AASB 16) requires all public sector agencies to recognise most operating rental contracts on their balance sheet as assets and liabilities. To assist agencies with the introduction of this new standard, WATC embedded a self-service database on our website. The database is updated monthly and provides incremental borrowing rates to facilitate public sector agencies efficiently estimate their lease liabilities in accordance with the new standard, as required for annual reporting and budgeting purposes.
We continued to leverage efficiencies from our Client Portal through the introduction of end of financial year online reporting functions, including facilitating temporary access for clients’ auditors to the Client Portal. We also undertook a comprehensive review of our long-term interest rate forecasting model, where we have implemented a number of changes to our interest cost projection system to reflect contemporary market conditions and enhance the accuracy of our forecast interest cost of the State and associated service to agencies.
Improving Systems and Building Capability
The culmination of over two years of work, 2019/20 saw the successful transition to the Quantum treasury management system (TMS) from the system that had been in place for nearly 20 years. This system is core to our management of financial market activities and client loans, investments and foreign exchange. We also took the opportunity to review associated processes to identify internal efficiencies.
As part of the internal efficiencies review, we mapped out new people opportunities including revising our organisational design and drafting a values-based capabilities framework. A number of acting roles were also undertaken during the TMS project, developing capabilities and aiding succession management. Our people also showed great resilience and adaptability during COVID‑19, when it came to working from home, rotating through the office and increasing their use of remote access and digital communications technology.
Optimising Our ICT Systems
WATC continues to take advantage of the efficiency opportunities that come from a whole‑of‑government approach to simplify ICT infrastructure systems. As such, we are progressing with the transition from our in-house infrastructure to the GovNext-ICT cloud and other cloud services. This provides improved efficiencies by leveraging shared government services. The transition is complete for a large portion of this IT infrastructure, which included updating the telephone system to VoIP and incorporating Microsoft Teams. This update allowed all staff ready communications and contact when working remotely during the COVID-19 lockdown period.
Cyber security remains a critical component of all WATC’s business considerations. An ongoing program of monitoring, evaluating, remediating and improving security remains a priority.
Looking Ahead:
Further enhancements to the Client Portal’s functionality, including the introduction of a client subscription service for report and transaction notifications.
Leveraging off new TMS capabilities to implement further internal efficiencies and introduce an ongoing review cycle to continue to refine system controls and workflows.
Finalising the values-based capabilities framework and incorporating it into our performance and development practices.
Complete implementation of GovNext-ICT cloud services.
Replacement of existing business continuity facilities with GovNext-ICT and software as a service facilities.
Continue enhancing cybersecurity capabilities and the ongoing evolution of business continuity and disaster recovery.
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