Treasury’s consultation paper on governance standards for charities to come into effect 1 July 2013 under the new Australian Charities and Not-for-profits Commission (ACNC) has the right approach and should provide all of us with increased confidence that our donations and tax dollars are in good hands. The paper draws on existing legislative principles for
I just read an article in a newsletter published by the Macquarie University natural hazard research group, Risk Frontiers, discussing the case of the six Italian scientists and a government official who were found guilty of manslaughter for “failing to adequately communicate the level of risk” regarding an earthquake swarm. Their conclusion – “A need
I just returned from GRC 2012 – The inaugural industry conference bringing together the Australian Compliance Institute and the Risk Management Institution of Australasia. If you are wondering what GRC stands for, why the associations combined their conferences and what GRC really means, here are my views. What does GRC stand for? GRC is an
I have had some very interesting conversations lately with Boards, Senior Managers and Risk Managers about risk appetite. Here are some insights: Describing what we mean by risk appetite: Risk appetite is risk speak, however, it can be easily explained. With private sector firms I tend to describe using dollars as the example – “How
In November 2009 I contemplated “Should Board Audit and Risk Committees be Separate?” and today I question “Should a Board have a risk committee at all?” In 2009 I concluded: Management’s responsibility is to identify, manage and report on risk with a predefined risk appetite which has been established in consultation with the oversight body,