Message from the Finance, Audit and Risk Management Committee Chair

01 About the RACGP

Photo of Mr Martin Walsh

Mr Martin Walsh

FCA, FGIA, GAICD

Chair, Finance, Audit and Risk Management Committee; board member, RACGP Oxygen Pty Ltd; co-opted Council member

Members of the Finance, Audit and Risk Management (FARM) Committee for the 2017–18 financial year have been:

  • Mr Martin Walsh, Chair and Independent Councillor
  • Dr Bastian Seidel, President
  • Dr Bruce Willett, Chair, RACGP Queensland
  • Dr Mary-Therese Wyatt, RACGP WA, and Council General Practice Registrar Representative
  • Dr Harry Nespolon, President-elect (appointed August 2018)
  • Ms Christine Nixon, Independent Councillor (by standing invitation)
  • Dr Kevin Sweeney, RACGP Fellow
  • Mr Mark Evans, external representative with information technology (IT) expertise.

The RACGP’s consolidated operating performance remains very positive, the balance sheet position is strong and the organisation maintains a healthy long-term liquidity position. The RACGP uses the independent firm of RSM as its external auditor, with its representatives attending FARM Committee meetings during the year. In the current year we appointed BDO as the new internal auditors. Both RSM and BDO have reported no material issues, and the external auditors have issued an unqualified opinion on the consolidated financial statements for the year ended 30 June 2018. Those consolidated financial statements and the accompanying ‘Directors’ report’ also now contain a remuneration report approved by the newly formed RACGP Nomination and Remuneration Committee.

The RACGP has continued to strengthen and develop its whole-of-organisation risk-management approach, and the FARM Committee monitors the risk appetite reporting by management on a quarterly basis. The design, development and implementation of an integrated IT project plan for a new member engagement system is being led by the General Manager of Digital Technology, Simon Richardson. It continues to be a focus for the FARM Committee.

The FARM Committee uses Escala Partners as the RACGP’s investment advisors and is implementing an appropriate investment strategy for the long-term security of the college, together with an Environmental and Social Governance Investment Policy.

The FARM Committee also maintains oversight of the RACGP subsidiary, RACGP Oxygen Pty Ltd, and the RACGP Foundation.

I would like to express my thanks for the support that has been provided by all councillors and committee members, as well as by the RACGP’s senior leadership team, particularly CEO, Dr Zena Burgess; General Manager of Finance, Karli Middlewood; and Finance Manager, Sherryna Fung.