A Regulatory Spotlight on Non-Financial Risk. ASIC report, why you should care?
The Australian Securities and Investment Commission (ASIC) report on “Director and officer oversight of non-financial risk” was issued on 2 October 2019. As ASIC states “Board must recognise that they are accountable for mitigating ALL risks – financial and non-financial” facing a company.” Defining non-financial risk by what it is, is far more useful. It is Operational and Strategic Risk. This includes Legal and Compliance Risk, Culture and Conduct Risk, Fraud Risk and so on.
In this complete whitepaper you will find:
- A summary of the ASIC report
- Information Flows
- Key findings and recommendations
- Board Risk Committees
- Solutions: Bringing yourself up to speed
- Benchmark assessment against the ASIC report 15 recommendations and best practice
- Addressing each of the ASIC recommendations
- Next steps
The whitepaper was prepared by David Tattam.
David is the founder and current Director Research and Training for the Protecht Group, an Australian firm specialising in risk management software, consulting, advisory and training to a wide range of clients both locally and overseas. David’s passion is risk training, having developed numerous risk courses and trained many thousands over the past 2 decades. Protecht celebrates its 20th year this year (2019).