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Risk Management
Finding the Right Chief Risk Officer:
The decision around whether to appoint a CRO (or an equivalent
senior risk executive) is driven by factors such as the company’s
industry, business model, structure, culture and risks, as well as
the extent of fragmented silo activity. Once management has
committed to establishing the role, the question becomes: What
qualifications should the company consider when evaluating CRO
candidates?
Source:
Boardmember.com
Risk Management Myths Exposed:
Like many disciplines, risk management suffers from a number of
myths. These myths influence behaviour and present significant
barriers when introducing and maintaining an effective risk
management
framework.
Source:
InConsult
Jetstar pilots 'afraid to report risks':
JETSTAR pilots are too afraid to speak out about dangerous overtime
and fatigue risks because they are worried about losing their jobs,
a Senate inquiry has heard.
Source:
smh.com.au
Thought Leaders on the Supply Chain Risk Management Lessons from
Japan's Turmoil:
The supply chain impact from terrible damage from the massive
earthquake and tsunami in Japan continue to grow, with plant
closures both in Japan and in the West due to part shortages
stemming from the factory shutdowns in Japan itself, among other
problems.
Source:
SupplyChainDigest
Calculated risk?:
The events of the last two years put risk-related issues squarely on
corporate boards’ front burner, and the flame remains on high. Board
members are proactively rethinking their approach to risk, asking:
How does risk inform our corporate strategy? Have we lost sight of
the fact that risk is the fuel for reward? Has our risk appetite
become too conservative? Has the pendulum swung too far?
Source:
kornferryinstitute.com
RIMS establishes political action committee:
Terry Fleming, the immediate past president of RIMS, is chairman of
the RISK PAC trustees committee. The committee, consisting of RIMS
members, will govern the political action committee report back to
the RIMS board.
Source:
businessinsurance.com
Disaster Averted:
Thanks to the global financial meltdown, we now know what a "black
swan" is. But do we know from which direction the next one will swim
into view, and what to do when it does?
Source: cfo.com
Governance & Compliance
Japan’s Triple Disaster: Governance and the Earthquake, Tsunami and
Nuclear Crises:
In the wake of its
triple disaster, Japan finds itself at the centre of its most
dramatic crisis since World War II. But governance shortcomings may
be imperilling the response.
Source:
brookings.edu
ASIC's governance failure rolls on:
The Australian Securities and Investments Commission carries the
enormous remit of regulating consumer credit, markets and financial
services while exploiting its monopoly power to raise cash for
Canberra ($195 million dividend last year, a 34 per cent profit
margin) and doing a bit of education and good governance promotion
on the side. Too bad this rich revenue source fails basic good
governance itself.
Source:
smh.com.au
Directors have governance concerns too:
THE highly regarded Canadian lawyer and governance specialist, Carol
Hansell, readily admits that a lot of worthy corporate
responsibility issues have been ''talked to death''.
Source:
smh.com.au
The Bottom Line on Good Governance:
A list of seven key board characteristics associated with good
governance.
Source:
boardmember.com
Financial Services
Understanding the Difference Between Risk Taking, Risk Management
and Risk Control:
Since the full magnitude of the recent financial crisis has become
clear, a great deal has been written about how risk management
failed us. We hear of purported death knells for quantitative
financial modelling, cries of “back-to-basics” and even reports of
civil war brewing between the quants and the managers.
Source:
quantnet.com
Risk Management In Banking Companies:
Risk Management in bank operations includes risk identification,
measurement and assessment, and its objective is to minimise
negative effects risks can have on the financial result and capital
of the bank.
Source:
financial informations and tips
Insurers may launch catastrophe bonds:
AUSTRALIA'S big general insurers are believed to be considering
selling their own natural catastrophe bonds as a way to help offset
rising reinsurance costs.
Source: smh.com.au
Government
Effective Risk Management:
The Auditor-General for Australia examines the practice of risk
management in the public sector to see what we have learned, and
emerging influences we need to take account of in implementing
government programs as we go forward.
Source:
anao.gov.au
Occ Health, Safety & Environment
Port logistics company convicted after discriminating worker: The
right of workers to speak up about safety without fearing for their
jobs has been upheld in the Melbourne Magistrates’ Court, in the
first discrimination conviction under the Occupational Health and
Safety Act 2004.
Source:
safetowork.com
Take control and get injured workers back to work: Every
day, Australian employers are faced with the imponderable question:
What will I do with my injured worker? All Australian employers,
even self-insured employers, are limited and controlled by a
statutory insurance regime creating obligations upon employers and
employees.
Source:
smartcompany.com.au
Ten top companies fail disclosure test: TEN
of Australia's largest companies have failed a test of their
disclosure of labour practices in sustainability reports.
Source:
smh.com.au
Company calls for tougher safety rules: A
tougher regulatory framework is needed to reduce the unacceptable
level of workplace deaths in Australia, construction group Leighton
Holdings says.
Source:
smh.com.au
Wal-Mart, Crowd Control, and OSHA's General Duty Clause: The
Occupational Safety and Health Administration cited Wal-Mart for one
serious violation of the General Duty Clause of the Occupational
Safety and Health Act and fined the company $7,000. The company
challenged the citation --- at the cost of around $2 million, OSHA
estimates.
Source:
scienceblogs.com
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Welcome
We recently welcomed a number of new clients to InConsult:
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Department of Human services NSW
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LitSupport
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Office of Strategic Lands
Training Calender
15 June 2011
Introductory Risk Management (one-day)
This down-to-earth and ‘entertaining’ training program helps to
ensure that all people involved in risk management activities in
your organisation understand the key concepts of risk management
(using ISO 31000), internal control and audit. This full day course
includes an 8 chapter Introductory Risk Management workbook, case
studies, a
certificate of attainment and 6 hours CPE points can be claimed…more
10 May 2011
GIPA in Practice (half-day)
The Government Information (Public Access) Act 2009 (GIPA) has come
into effect. The new Act will have a significant impact on the way
in which NSW Government agencies provide public access to government
information…more
Upcoming Conferences & Events
31 May – 01 June 2011
Fraud Management Conference (two day).
IQPC’s Internal Fraud Prevention 2011 Conference in Sydney is your
chance to get insights on the latest innovations and best practice
strategies for your fraud and risk management and prevention
strategies! The Event will deliver you the opportunity to learn from
and network with industry leading fraud and risk experts to gain
insights, identify opportunities and take away key strategies for
successful internal fraud prevention.
To register for this event
click here
Fraud Risk
Australians handing over $1b a year to online
fraudsters:
Australians are continuing to fall victim to online scammers who
promise instant wealth but then steal hundreds and sometimes
thousands of dollars from their target.
Source: smh.com.au
Fraud runs riot as scammers steal $63 million:
Scammers ripped off Australians by $63 million last year, with the
number of scams reported to the Australian Competition and Consumer
Commission doubling.
Source: news.com.au
$100m bank fraud plot: two charged:
A former Westpac employee and a Sydney fruiterer have been charged
over an alleged plan to fleece up to $100 million from customers of
the major banks.
Source: smh.com.au
Fraud costing Govt hundreds of millions:
A new
report
has found that fraud cost the Commonwealth close to $600 million in
the 2008/2009 financial year. The Australian Institute of
Criminology report titled Fraud against the Commonwealth is part of
a regular survey of government agencies.
Source: abc.net.au
Fraud Management Health Check
No organisation can assume that its safeguards against fraud are
adequate…you need to know the gaps. Our Fraud Management Health
Check is a structured, independent review of your fraud management
framework to help give you peace of mind. If you would like to find
out more
click here
Web-based GRC Technology
GuardianERM.net
is our web-based GRC system with more features to allow people
across an organisation to better collaborate, streamline processes
and integrate risk, control, audit and incident data to manage risk
and improve resilience. It supports best practice standards
including AS/NZS ISO 31000, AS 8000, AS 3806, HB 292, ISO 9000. If
you would like to find out how guardian can help you better sustain
your risk management framework,
click here
or
contact
InConsult to arrange a demonstration or trial.
Business Continuity and Resilience
10 Steps to Better IT Risk Management:
An essential component of any Enterprise Risk Management (ERM)
program today is IT risk management. With ever-increasing threats to
privacy and information security, companies are looking to
strengthen their risk governance processes in many ways.
Source: bigfatfinanceblog.com
CIOs warned to prioritise governance and business continuity:
IT professionals have been warned to prioritise ICT governance and
business continuity to minimise risk to the business, in the wake of
the recent natural disasters plaguing the nation and indeed the
world.
Source: cio.com.au
Houston, We Have a Problem: Critical NASA Systems Vulnerable:
An audit report from the Inspector General for NASA finds that the
United States space agency has some serious computer and network
security issues that could have compromised missions, or even
jeopardized lives.
Source: pcworld.com
Internal Audit
Internal Auditors Urged to Sharpen Focus on Risk Management:
To meet the ever-demanding needs of their stakeholders, today's
internal auditors must move beyond traditional internal control and
assurance activities and sharpen their focus on risk management,
governance processes, and enhanced use of audit technology and
automated tools.
Source: cfoinnovation.com
Internal Auditors can Expand Roles with Changing Business
Environment:
As per the seventh annual Global State of the Internal Audit
Profession survey, internal auditors can expand their role by
aligning their business objectives with new company priorities
emerging from the recession.
Source: financial tech spotlight
Can we help?
If you have any risk management, governance, internal audit or
business continuity matters you would like to discuss, contact
InConsult on 02 9241 1344 or email your query to
info@inconsult.com.au |