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GRC Professional : GRC Spring 2012
7 Compliance and risk management are global disciplines. While all of us who practice in these disciplines are often time poor and focused on the immediate issues, we need to embrace the career and learning opportunities that exist in a global environment. GRC 2012 provides an ideal opportunity to lift our sights and focus, for a brief time, on the broader horizon and bigger issues. In this edition, Jorge Luzzi and Heather Loewenthal provide some insights into what can be learned and achieved in the international context. Lifting its eyes beyond its current Asia-Pacific regional focus, ACI is working towards establishing a global compliance standard to support the profession as well as giving ACI members who already know and apply the standard, a competitive advantage now that AS/NZS 3806 will be the backbone for the international benchmark of best practice. This is also why ACI continues to work with other like-minded bodies in the establishment of the Inter national Federation of Compliance Associations. A recent learning opportunity comes from the UK and the trial of trader Kweku Adoboli who allegedly lost UBS $US2 billion through rogue trades. Adoboli told compliance staff that he had failed to properly record deals because he was short- staffed and "really ...... busy". Compliance staff initially thought Adoboli's explanation appeared plausible. By the end of a third conversation the compliance staff requested to see figures to back up the explanations. Three weeks later Adoboli revealed the explanations were false. Compliance is primarily a behavioural issue and the behaviour of rogues can be the same the world over. The key lesson for compliance executives, no matter where they are around the globe, is to demonstrate the strength of character and resilience to not let staff personalities, excuses and delays stand in the way of obtain- ing explanations and evidence. The consequences of delay can be severe. Whilst the Adoboli matter is not on the agenda at GRC 2012, the range of international speakers and delegates provides an ideal opportunity to explore new learning opportunities in risk and compliance from around the region and the world. Make the time to raise your sights and focus, for a brief time, on the broader horizon and bigger issues. David Lawrence CCP (Fellow), President, ACI PRESIDENT'S MESSAGE Seizing global opportunities
GRC Winter 2012
GRC Summer 2013