Queensland Government Financial Assurance Information Registry
In what is believed to be a world first initiative, the Queensland Government introduced a Financial Provisioning Scheme for the rehabilitation of mines. Having passed the Act, setting up the Scheme with a Financial Assurance Information Registry (FAIR) involved “working with an organisation that didn’t exist with rules that didn’t exist.”
High Profile Government Initiative
The Queensland Government, in collaboration with the mining industry, came up with what is believed to be a world-first alternative to the provision of financial surety: the Financial Provisioning Scheme.
Such an innovative, high-profile, never-before-seen and complex arrangement involving three government departments and the behemoths of industry required an equally innovative system to help manage it. Added to the overall challenges inherent in the newness of the idea and the inter-departmental liaison was the need to integrate to the existing financial system.
Procensol demonstrated the innovation, agility and technical know-how to deliver the application which “contributed significantly to improved team practices and a reduction in average time taken to complete risk assessments”, according to the Scheme’s annual report.
Overall, the Scheme is giving the government a comprehensive picture of its exposure to risk in this part of the industry, with improved productivity, streamlined business processes and cross-departmental collaboration resulting in a better solution.
“A high degree of reliance can be placed in the operation of the Scheme for data integrity, fraud prevention and cyber security. Process mapping and documentation contributed significantly to improved team practices and a reduction in average time taken to complete risk assessments.”
(Scheme Annual Report)