Internal Control

Code of Conduct

To promote high ethical standards and fair dealings in the conduct of its business, the MPFA has a Code of Conduct that must be observed by all its employees. The Code sets out the expected standards of behaviour and reminds staff of their legal and contractual obligations to the MPFA. It also provides specific guidelines on various issues, such as confidentiality of information, the offer and acceptance of advantages, avoidance of conflicts of interest, and declaration of financial and other interests.

The Memorandum on Conditions of Service signed by staff upon joining the MPFA and the confidentiality provision under the MPFSO impose contractual and statutory obligations on staff members to keep confidential any information obtained in the course of performing their duties in the MPFA.  A senior staff member must obtain prior approval if, within six months after leaving service, he wishes to take up employment in Hong Kong that may constitute a conflict of interest with that of the MPFA.

Risk Management

The MPFA has a risk assessment and management programme to identify, assess and manage risks in a timely and systematic manner. A corporate risk register and departmental risk registers are maintained to keep track of identified risks and risk management plans. These are reviewed and updated annually.

Performance Pledges and Internal Reporting

To ensure expeditious service to the public, the MPFA has a system of performance pledges to monitor the attainment of service standards and the achievement of operational targets.  The achievement of the pledges are reviewed and reported annually to senior management for monitoring purpose.

Internal Audit and Management Reviews

Internal audits are conducted by the Risk Management Unit to provide an independent assessment of internal controls.  The internal audits are conducted according to the guidelines and standards on internal audit promulgated by the Hong Kong Institute of Certified Public Accountants.  Reports are reviewed by senior management and the Audit Committee.

Business process re-engineering exercises are regularly conducted by departments as part of their business plans, when operating processes are automated or when there is a change in organizational structure, roles and responsibilities.  Besides business processes, the MPFA's organizational components are also reviewed regularly for fine-tuning and to meet changing needs and requirements.