Thanks to everyone who attended the Canberra meeting, it was great bunch of people with some great questions and discussion and a relaxed format. 

There was a particular interest in what this will mean to other sectors.  While it’s difficult to predict in detail, I’d suggest that the one to watch is the new recommendation 7.2.  The crux of the wording of this is that rather than just going through a process, management now need to form a view on whether their risks are being effectively managed and report this through to the Board.  This means that risk management can no longer suffice as a standalone process, but must be truly embedded into the governance processes of the organisation, and that due diligence will have to be done on the output of any risk process.  As I found in my last head of audit & risk role, such a signoff requires significant gear changes in thinking to make it effective and relevant.  It’s going to be an exciting time for risk management for those people on the front foot.

Download the presentation here:
Updated ASX Corporate Governance Principles & Guidelines

If you are looking for assistance with compliance with the Principles & Recommendations, please click here.