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GRC Professional : GRC Winter 2012
5 ANOTHER FINANCIAL YEAR HAS PASSED FOR THOSE OF uS who have 30 June balance dates, which is the majority of businesses in the region. In broad economic terms it has been a challenging year. For those in the risk and compliance professions, the previous year has brought particular challenges. There have been a number of instances of financial pressures leading to inappropriate compliance practices in the finance sector (JP Morgan, MF Global and Barclays come to mind). However, under the surface, the challenging economic environment has also brought pressures on compliance and risk professionals to do more with less. In some cases, financial pressures have resulted in the reduction of internal compliance and risk resources. These trends may be part of the capitalist economic cycle of boom and bust, but it doesn’t make resource reductions any more acceptable or easy to deal with. Resource reductions, whether in a headcount, financial or other resource context, may prove to be false economies. By removing the gatekeepers, business may inadvertently open the opportunity for adverse consequences at a time they can least afford them. From a professional perspective, this message is often difficult to internally sell to management. Based on the experiential profile of ACI members, with a large number of members having been in the profession for five years or less, many would not have previously experienced these resource and interna l selling challenges. This is a generationa l issue in the profession. While ACI training courses can go a long way to assisting in this regard, ACI can provide best value when it knows the challenges members are currently facing and can respond to those challenges by way of targeted training, discussion forums and publications. If members are experiencing particular challenges in their roles as a result of the current economic circumstances, and it appears the next 12 months will not be any easier, please let ACI know and utilise the combined resources and experience of your profession, your peers, and your association. That’s why we are here. David Lawrence CCP (Fellow), President, ACI Support in a time of challenge PRESIDENT’S MESSAGE
GRC Autumn 2012
GRC Spring 2012