Audit and Risk Committee best practice

Audit and Risk committees are a peculiar governance construct, where due diligence is required from the perspective of independent board members and non-executives.

Contemporary practice is constantly evolving for audit and risk committees, driven by external expectations, and the evolving capabilities of the audit and risk functions that support them. 

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.

Our unique positioning

Todd Davies brings the unique combination of skills, experiences and perspectives from being:

  • seasoned advisor on governance matters and to boards for over 20 years;
  • a former head of audit and risk for an ASX 50 company and mentored by some of the greats;
  • director, executive and seed investor of early-stage companies and high profile not for profits; and
  • governance ‘wonk’ with a strong interest and history in corporate governance best practice, framework and regulatory design.

Todd has worked with and been mentored by and worked for some of Australia’s best-respected non-executive directors and audit and risk committee members and chairs.  He has a strong sense of what’s required and what’s practical based on extensive research and application.

Todd has chaired and been a member of Audit & Risk Committees for major public institutions as well as being a board member and/or Chairmen of a range of different entities in the not for profit, government and private sector.

The combination of these attributes brings not only a strong understanding of what’s possible and what’s required but also the experience that can only be attained from being in the hot seat as a director and audit and risk committee member and chair in highly testing situations.

With Funds Under Governance of $20 billion, ranging from the small to the large, Todd can give practical insights on what is required to make your committees sing.

How we can help

Audit and risk committee chairs bring TDA in when they want to: 

  • better understand the capability and effectiveness of their audit and risk functions;
  • know what they can reasonably expect of those functions;
  • develop a plan or sponsor an intervention to drive better results;
  • lead more effectively and know that their obligations are fulfilled.

Current offer – Audit and Risk Committee pack reviews

In 2019 we launched a service to help organisations review their Audit & Risk Committee packs for maximum effectiveness.  

In short, we perform a full review of the entire ARC papers and then provide a coaching workshop on what’s working, what’s not and why and help secretariats, management and the committee chairs to prioritise effort and focus from quick wins through to more enduring change.

It’s our most compressed offering and 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 of 9. Small government agency.

If you chair or support an Audit & Risk Committee it’s two pages of essential reading. Please take the time to review, and then get in touch for an obligation free discussion, or to request a fact sheet. We’re here to help.

While you’re here

While you’re here, three quick resources to help you lead with greater confidence and effectiveness.

  • The Davies Report is our free newsletter quarterly newsletter, written from the perspective of the Audit & Risk Committee Chair. Please feel free to subscribe using the prompts below.
  • If you are an independent member of an audit, risk or compliance committee, and would like to develop a broader support network and stay up to date, please join the Audit Committee Network discussion group on LinkedIn which we have set up specifically for this purpose.  (Please note you must be a member of an audit, risk or compliance committee to join). 
  • If you chair an audit or risk committee and want to achieve higher performance, we’d like to get to know you and see how we can assist. Please contact us to book a confidential, obligation-free discussion.