The unique role of Audit and Risk Committees
Audit and Risk committees are challenging to lead and challenging to serve.
Fulfilling everything in the committee’s terms of reference, often in less than 20 hours of meeting time each year is an art. Agendas can get very busy, resulting in important things being skimmed or missed, or crammed in – what we call driving content through the eye of a needle.
Contemporary practice is constantly evolving. Leading effectively is no longer a matter of chairing meetings based on historical precedent. Today’s committees require much more.
How we help
Organisations bring us in when they want to:
- Refine the way the committee works – to cover the requirements in a more streamlined, thorough and impactful and aligned way;
- Optimise the way that management and assurance functions and the committee support each other;
- Better understand the capability and effectiveness of their audit and risk functions and what they can reasonably expect of those functions and how to put them into practice;
- Help the Chair and to lead more effectively;
- Develop a plan or sponsor an intervention to drive better results;
- Mentor their heads of governance, risk and assurance to master their craft;
- Generally take the committee from a place where minutes are taken and hours are lost to one of high engagement, or help committees be as good as they need to be.
Our unique position in the market
Todd Davies has spent the last 20 years understanding, mastering and teaching the art of good committee practice.
He brings the unique combination of skills, experiences and perspectives from being:
- seasoned advisor on governance matters and to boards for over25 years including as a long serving member of the ASX Corporate Governance Council that sets the blueprint for all Australian listed companies;
- Transformative member and chair of Audit and Risk Committees across public health, clinical services, emergency management, transport, planning, infrastructure and education, responsible for more than 150,000 staff and $20b in annual spend;
- a former head of audit and risk for an ASX 50 company and mentored by some of the region’s most respected Chairs and directors;
- a 20 year commitment to understanding best practice in audit and risk committee operation and putting it into practice.
Starting point – Audit and Risk Committee pack reviews
In 2019 we launched a service to help organisations review their Audit & Risk Committee packs for maximum effectiveness. This is our most compressed offer.
Over 2-3 days we perform a full review of the entire ARC papers (either focused on a single stream or the pack as a whole) and then lead a focused discussion with the executive sponsors on what’s working, what’s not and why. We then help secretariats, management and the committee chairs to prioritise effort and focus from quick wins through to more enduring change.
It’s been incredibly well-received. Here’s what some of our clients had to say.
“It was useful to get above the individual papers and get a perspective on the full year’s program in a holistic way. Possibly the best bit was being able to workshop ideas and solutions – to quickly explore the ones that made sense and get advice on how to make them work in practice. We now have energy behind making the changes.” Company Secretary & Chief Risk Officer, ASX 100
“I was really happy with what I got. It was great to have a mature discussion about my work with someone of Todd’s experience and intelligence.” NPS rating of 9. Head of Governance – Specialised anticrime agency.
If you lead or support an Audit & Risk Committee and would like to take your committee work and dynamic, please book Book a free Discovery Call to find out more.
Committee succession
If you are looking for committee members or for effective succession planning for your committee, we can help with that too. Please get in touch to find out how we can help.
While you’re here
While you’re here, four quick resources to help you lead with greater confidence and effectiveness.
- The Davies Report is our free newsletter quarterly newsletter, written by Todd that draws all our best thinking together across our entire portfolio. It is critically acclaimed by experienced chairs for its fresh thinking and insights.
- If you chair or member an audit or risk committee and want to work through how to approach an issue or lead a situation we can assist through structured discussions. Please book a confidential, obligation-free discussion to find out more. Our first session with chairs is free for charge as part of our commitment to this important role.
- We provide focused 1:1 coaching and support for new committee members. Whether you are new, mastering your craft or would just like someone to help you work through current challenges or would just like to have a quick refresher, this is what we do. Please get in touch to find out more.
Our website has lots of useful resources for audit and risk leaders and their sponsors. Have a look to stimulate your thinking and how we operate, and when you’re ready book a discovery call.
Do you want Todd as a member of your committee and not just an advisor?
To run a great kitchen you’ve got to eat your own food.
Todd chairs a small number of Audit & Risk Committee’s to feel the heat of the role and stay honest about what’s delivering and what isn’t. It gives another dimension to our work.
If you want to maintain best practice or get better linkages between committee and board, that’s a role for us. Otherwise, get us as an advisor and not a member.
You can find Todd’s bio here.