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GRC Professional : GRC Summer 2013
IN THIS SUMMER EDITION OF GRC PROFESSIONAL - OUR FIRST FOR 2013 -- it is timely to reflect on the events of 2012 and the challenges that we face in the year ahead. As 2012 ended, there were events that attracted regulator and media attention alike. From an enforcement perspective, there were also court orders and fines issued that set new Australian records. Areas to come under increased scrutiny included breaches in Australia's new consumer legislation, as well as a string of arrests, allegations and charges of cor r uption, money laundering and cartel action settlements. One court judgment of note, Cotton on Kids made headlines before Christmas for its record $1 million fine for breaching the Trade Practices Act 1974 with the sale of highly flammable children's nightwear that had not been safety tested, yet was labelled "low fire risk". We trace the history leading to the ACCC's court action. Globally we have seen relentless investigations by regulators, resulting in harsh penal- ties for institutions, such as the hefty $1.5 billion fine handed down to Swiss investment bank UBS in December for its part in trying to manipulate the Libor rates. British bank HSBC paid $1.9 billion to settle a New York-based investigation into lau ndering of dr ug money from Mexico. As we enter 2013, I think we will see a year where the pace of regulatory change con- tinues to quicken. Not only will we see a number of key pieces of long-awaited legislation take effect, but I believe we will see an increased focus upon some existing areas of regulation that u ntil now have had little attention; namely Australia's anti-corr uption regime and the evolving regulatory landscape faced by educators, which is our cover story this edition. Of course, there will always be regulatory challenges, but this just highlights the need to ensu re organisations do not address their legal and risk obligations in a piecemeal manner, but rather, continually strive to instil a culture of good gover nance and sound compliance programmes into every facet of the business. Once again ACI looks forward to assisting the compliance and risk community with our range of tools, white papers, workshops, education courses and conferences over the cou rse of the next twelve months. Sadly, on January 31 David Lawrence tendered his resignation as President of ACI due to growing work commitments. Given ACI's increasing responsibilities, David was concerned he was no longer able to dedicate the time required to fulfill the role of President in the man ner that he believed was fitting of the position. His commitment to ACI at board level over many years is greatly appreciated by ACI members and staff alike. He will remain on the ACI board in the short term. The board elected Alf Esteban as President and Kellie Powell as Vice President at its 31 January meeting. Breaches reinforce need for compliance MD'S MESSAGE Martin Tolar CCP, Managing Director, ACI 6 GRC Professional • Summer 2013
GRC Spring 2012
GRC Autumn 2013