Leaning into Transformation: Governance & Risk Management Forum Empowers Leaders

How to handle the ongoing risk of technological advancements and the changing regulatory landscape have been among the insights for corporate leaders at this year’s Governance & Risk Management Forum (GRMF) roadshow.

Attendees have so far gathered at GRMF in Perth, Adelaide and Brisbane with Sydney and Melbourne later this month. The forum has given a platform for leaders to explore the latest issues shaping the landscape of leadership, governance, and risk management in their respective states.

A recurring theme of all three events has been the level of uncertainty boards and executive leadership face because of significant transformation of technologies and turbulent global markets. As highlighted by Stephen Woodhill, Chair of the Governance Institute’s National Board, “Boards need to understand how these changes impact their organisation and adjust their strategies accordingly.”

This year’s theme, “Leaning into Transformation,” has addressed the critical question of how organisations can manage continuous change while fostering innovation and growth through effective governance and risk management.

(A session from the 2024 WA GRMF event in Perth)

As Governance Institute’s Chief Executive Officer, Megan Motto notes, “Governance is about ensuring an organisation undergoes continual transformation to stay well-run, with adaptive processes and controls in place. Good governance is essential for driving transformative success and ensuring long-term sustainability.”

In Perth, Speakers Greg Yanco, James Rowe and Governance Institute Chair Pauline Vamos FGIA FCG spoke about technological transformation and cyber, AI and global markets. When talking about AI, Mr Yanco emphasised that while these technologies have benefits, they can also be detrimental.

“It’s important people go in with their eyes open. Human oversight is needed. We’re supportive of the government doing that work to make sure people have a voice on how AI is governed at the moment,” Mr Yanco said.

Anna Gamvros from A&O Shearman stressed the need for organisations to adjust the way they approach cyber threats in a panel discussion at the QLD GRMF event in Brisbane.

“Nearly every time when there has been a cyber incident, the organisation has been holding more data than they should have …this has amplified the impact of the incident.”

(From left to right: Tony Vizza – Executive Director, Cyber Security KordaMentha; Nicole Stephenson – Partner IIS Partners; Anna Gamvros – Partner, APAC Privacy and Cybersecurity, A&O Shearman; Brendan Read – Partner, KordaMentha)

Adelaide Airport’s Brenton Cox in an SA session titled ‘Business transformation and transformational governance’, saw transformation as a positive.

“What I love about business transformation is it creates boundaries around the freedoms you have and turns concepts into reality.”

Another crucial aspect discussed at GRMF is the role of culture in governance and risk management. This involves not only establishing robust policies and procedures but also fostering a culture of transparency, accountability, and ethical behaviour within organisations.

According to Dr. Judith MacCormick, Director of Governance and Risk at Governance Institute, “It’s about embedding the right behaviours and values throughout the organisation.”

As the roadshow progresses to Sydney & Melbourne, Governance Institute remains committed to providing a platform for thought leaders, practitioners, and stakeholders to exchange insights and best practices. By addressing key issues such as technological disruption, cultural alignment, and ESG integration, the forum aims to empower organisations to navigate complexities and achieve sustainable success in today’s rapidly evolving business landscape.