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GRC Professional : GRC Autumn 2012
CHANGE IS A CONSTANT FACED bY GRC PROFESSIONALS. IN FACT, GRC professionals are agents of change within their organisations. Right now we are in the midst of continual waves of change, be they driven from outside of our businesses via regulatory developments or changing enforcement priorities; or internally as risk appetites are adjusted to reflect uncertain economic conditions. The GFC, the related economic downturn and the appointment of new leaders at the head of at least four significant regulatory bodies in the region all make for a challenging time for our members. Especially when compliance and risk professionals are once again being asked to do more with less and there is little time and budget for professional development. One area of business that is changing more rapidly than most is that of personal and data privacy. With more of the traditional economy shifting from bricks and mortar to online transactions with ever-faster and more sophisticated technology, legislative obligations are struggling to keep pace. This creates a significant risk for organisations to manage what may not be able to be mitigated by simply doing what the law says. In this instance, firms might need to look at the spirit of the law or go beyond the minimum requirements to ensure customers, shareholders and reputations are being protected. While the FoFA refor ms have been a longer time coming and implementation will be voluntary for the first 12 months the legislation comes into effect, the impact these changes will have on Australia’s financial planning industry has the potential to revolutionise the industry. In this edition of GRC Professional we see how ACI’s principal member, one of Australia’s big four banks, is tackling this challenge. Recent legal cases are also having an impact on companies, resulting in directors’ expectations changing when it comes to their willingness to take on the personal risks that some argue is becoming an over burdensome regulatory environment, especially when compared to other developed economies. Perhaps this is an area that will require generational change to occur before there is broad agreement that the right balance has been struck between too much or not enough compliance and risk management discussion around board tables. Finally, some change is taking place a little closer to home. The Risk Management Institute of Australasia (RMIA) has agreed to engage ACI to provide its back office administration, which has now come into effect. This news comes on the back of the announcement that both organisations have agreed to combine their annual conferences this year to run the region’s first ever GRC conference. At ACI we appreciate the trust the RMIA board has placed in the management team to help them serve their membership, and we look forward to a long partnership that is beneficial to both organisations. Martin Tolar CCP, Managing Director, ACI Md’S MeSSAGe Agents of change
GRC Summer 2012
GRC Winter 2012