Our people are fundamental to our success. We seek to maintain a versatile and ambitious team who work collaboratively with the sector to deliver on our strategy and achieve our vision. In line with our people strategy, the Commission will continue to develop its capabilities, enrich its culture and connect its people.
We will optimise our internal systems and processes and make better use of digital tools to find efficiencies in the way we work. We will practice good governance through responsible risk management, compliance and reporting.
We will implement our performance framework, measuring, monitoring and reporting on our performance from 2020 onwards. It reflects our commitment to pursue innovation and productivity improvements in our operations and spend public funds prudently. We will use the framework to hold ourselves to account, ensuring our strategy delivers value to our stakeholders and the Victorian community we serve.
We will measure both operational and financial performance. Our framework is adapted from the Report on Government Services 2017 published by the Australian Government Productivity Commission.
We measure our operational performance using key indicators for effectiveness and efficiency across our services. Our effectiveness measures reflect how well the outputs of a service achieve our objectives. Our efficiency measures reflect how our capabilities or resources are used to produce outputs for the purpose of achieving desired outcomes.
We measure financial performance across three dimensions: operating position, liquidity and efficiency. Our operating position shows our financial position measured against the balance on our net results. Liquidity is a measure of our ability to pay liabilities on time and is an assessment of our accounts receivable relative to accounts payable. Financial efficiency is a measure of how well we manage our cash flow.
We will report on our performance in parallel with our annual plan on this website.