How GuardianERM helps NSW councils meet the OLG Risk & Internal Audit Guideline

From 1 July 2024, every NSW council must operate with a compliant risk management framework and internal audit function, supported by an Audit, Risk & Improvement Committee (ARIC). The OLG Risk Management & Internal Audit Guideline (Nov 2023) sets minimum standards modelled on AS/NZS ISO 31000:2018 and the IIA Standards, and introduces stronger review and attestation expectations.

Beginning with the 2024–25 annual report, general managers must publish an attestation on compliance covering the ARIC, risk framework and internal audit.

Risk Management Framework (ISO 31000–aligned)

• GuardianERM centralises your enterprise risk register, controls and treatments. By aligning these with your council’s structure, criteria and policy – risks are identified, analysed, treated and monitored consistently.
• Given the guideline’s emphasis on regular monitoring, quarterly advice to the GM, and an annual self-assessment of the framework’s effectiveness (incl. risk criteria, coverage and control design).
• Dashboards, visualisations and executive reports help ensure timely capture and communication of risk information across the council.

Internal Audit function (IIA-aligned)

• Use GuardianERM’s Internal Audit & Assurance module to plan risk-based audits, manage fieldwork, record findings, agree actions and track implementation to closure -providing the ongoing monitoring trail the Guideline expects.
• Use the Audit Desk module to assign, track, prioritise and close audit recommendations and actions.
• The system helps your ARIC and management team complete annual and four-yearly strategic assessments of internal audit effectiveness with clear evidence of progress and KPIs.

Audit, Risk & Improvement Committee (ARIC) oversight

• Produce ARIC packs that bring together risk status, audit progress, open actions and trend analysis in one place. This streamlines ARIC duties to keep the risk framework under review and provide an effectiveness assessment each council term.
• GuardianERM’s action tracking and reminders support the Guideline’s expectations for management responses, timeframes and follow-up.

Issues, incidents and complaints (lead indicators)

• Capture incidents, near misses and complaints, perform root-cause analysis, and link corrective actions to risks and controls – improving visibility of emerging issues that feed ARIC and management reporting.
• Once risk, audit and actions live together in one place, GuardianERM makes it faster to collate artefacts for the GM’s annual attestation on ARIC operation, risk management and internal audit compliance.

Vendor and Contract Management

• Add vendor & contract registers with renewal reminders, insurance records and due-diligence artefacts to strengthen procurement, modern slavery and contract oversight alongside your risk and audit program.

Ready to Take the Next Step?

Simplify OLG compliance and enable real-time visibility for your ARIC. Contact us today for a personalised demo and discover how your council can improve reporting efficiency, strengthen governance and reduce operational risk.