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Welcome to the second (and final) update of the 8th Annual Risk Management Institute of Australasia 2011 Conference here in Melbourne.
Highlights of Day 2 for me were:
The CRO Forum that kicked off Day 2 was a great session. Caroline James, Principal Adviser – Group Risk, Rio Tinto, Robert Maurich, CRO at CBH Group (a grain handler/commodity firm in WA), Geoffrey Copp, Head of Risk Management & Compliance at Zurich Australia and Anthony Ventura, CRO Worksafe Victoria debated a range of current r
As members may be aware, I am here ‘Down Under’ attending the Risk Management Institute of Australasia's 8th Annual 2011 Conference, on behalf of the Global Risk Community. Global Risk Community is the offical Media Partner for the event.
Over 470 delegates from Australia, New Zealand and Asia have gathered at Crown Casino's conference facilities, on the banks of Melbourne’s Yarra River.
Highlights of Day 1 for me were:
John McAneny of Risk Frontiers talking about what risk managers need to kn
This week has been particularly disturbing on the news front. To sum it up, my faith in politicians and fat cat executives who run our financial system has been pretty shaken.
There are three unique pieces of news that I have stumbled across which are just simply appalling to read. Certainly any hope for a quick resolution to the world's financial problems isn't going to come anytime soon and the entire economy is up for grabs as the dark clouds of recession hang over Europe.
So let's take a loo
There are a huge array of regulatory mandates planned for the financial sector in the next three to five years and the potential unwanted outcomes are probably going to be diverse and multitudinous.
Ten combined regulatory afflictions would more than likely include this lot:
[1] Closing the proprietary trading desk – Volcker
[2] A CVA charge for the trading book – Basel III
[3] The countercyclical buffer – Basel III
[4] Restrictions on the types of capital that can be held – Basel III
[5] Axing of Tie
I would like to hear some of the more creative answers to this question. Please post your comments.
However, the correct answer is that Tiger Woods and the Global Risk Community are both in Melbourne this weekend. Woods was part of the winning American team playing at Royal Melbourne Golf Course today in the President's Cup.
The Global Risk Community is attending the RMIA Asia Pacific Conference in Melbourne also. The event was launched this evening by Sharon Aitken, RMIA President - to the large
In spite of the regulatory policies, it's implementation and stress tests etc that were carried out on some banks, yet some Banks world wide are still distressed. What are the causal factors, Economics consequences and Prevention.
Paint Draw Pick... to Implement Enterprise Risk Management across your Organisation
Implement Enterprise Risk Management across your organisation no matter where you are on your Risk Management journey by taking these 7 steps:
Paint a Picture: Make sure you can show and explain what the end game looks like to top management and staff.
Draw the Journey: Let them know they are on a journey, describe it and tell them where they are right now.
Pick the Low Hanging Fruit: Don't try and win everyone over
CIS-Partners, a consulting firm specializing in compliance strategies for the pharmaceutical industry, wrote an article entitled, “Don’t Get Burned”. The main focus of this article is to discuss how organizations are shifting to third-party vendors and in turn, how internal auditors need to respond to the risks associated with this process.
View article here: http://www.cis-partners.com/downloads/RiskWatch_June2011_Don'tGetBurned.pdf
CIS-Partners is a sponsor of the upcoming marcus evans Life Sc
Australia's ABC1 broadcast an interesting show tonight that included an interview with Nick Leeson.
"Europe Correspondent Emma Alberici has assembled a stellar cast of famous and infamous financial luminaries to investigate if rogue traders are really reckless loners or simply individuals pushed to extremes by a reckless and unruly financial sector. What can their behavior tell us about Wall St Investment Banking and the Global Financial Crisis, the crises and collapses in Ireland, Iceland and e
It is inevitable for governance, risk and compliance (GRC) to converge. They are all about achieving the objectives of the organisation. For me, the greater debate is what role should an individual take as a leader in the convergence of the GRC space in an organisation?
It was no surprise that the International Federation of Accountants (IFAC) Survey , which assesses the need to align risk management and internal control guidelines internationally, found the need for an alignment is strong and t
Last week, at RIMS ERM Conference 2011, we announced that LogicManager and RIMS (The Risk and Insurance Management Society) have selected Queens University Management School (QUM) to update the landmark 2008 study that quantified a direct, positive relationship between the maturity of an organization's risk management framework and its business performance. Read the full press release here.
The 2011 update will gather data just as the 2008 study did, using real organization's data compared again
Being a risk leader in your organisation is always a challenge. More than once I have been asked "How do you get a blustering, super confident CEO to slow down and listen to what we are trying to achieve in the risk function?" Unfortunately I don't have the silver bullet, however, here are a few tips which are explored in more depth in RMP's Whitepaper titled "Risk Leadership: How to be Heard".
1. Target - Identify all the stakeholders you need to influence. Identify the order in which you wish
A well defined risk appetite endorsed by Executive Management and the Board is the singular most important element for establishing the risk culture you want for your organisation. Like many things in life, the best things don’t come easily though. The two greatest challenges are:
Disinterested ManagementA disinterested Executive means they have not made the |
http://www.compliancecircle.co.uk/reports.php
The survey will take 5min or less to complete and will help benefit compliance professionals. globally.
Big thanks
Compliance Circle
@Etadafe
Highlights of new FATF list of jurisdictions that are AML/CFT Compliance deficient: -
Iran and North Korea remain on list of jurisdictions subject to a FATF call on its members and other jurisdictions to apply counter-measures to protect the international financial system from the on-going and substantial money laundering and terrorist financing (ML/TF) risks emanating from the jurisdictions.
Nigeria and Sao Tome added to list of jurisdictions identified by FATF to have strategic AML/CFT deficie
In this month’s newsletter I have given some thought to the identification of flawed business models and the concept of Business Model Risk. I got some great feedback and ideas from GRC members last month on the subject.
Key questions to be asked include:
- How sound and sustainable is the underlying growth and profitability ?
- Does the business truly own a piece of the value chain or is it essentially just a trader ?
- Does the business need to continually engage in high or excessive risk taking to sus
Two stories in the news recently have caught my eye: one involving a listeria outbreak caused by tainted cantaloupe, and the other involving Citigroup losing $285 million for defrauding investors.
In the cantaloupe story, the deadly, nationwide listeria outbreak was traced to a packing facility in Colorado operated by Jensen Farms, in which factors such as workers and trucks accidentally carrying the disease into the facility, and machinery being hard to sanitize created the environment in which
New companies with a market capitalization under USD 1 billion will now be able to opt-out of regulations within section 404 of the Sarbanes-Oxley (SOX) Act for the first ten years after going public. This option was previously available to companies under USD 75 million.
Congressman Ben Quayle introduced the Startup Expansion and Investment Act to, “make it easier for emerging companies to access the capital necessary to expand and create jobs”. Quayle noted that removing one of the many regula
