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Perspectives on Cyber Risk
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Risk management
August 14, 2017 6:21 PM |
Top Story │ United States: US senators have introduced a Bill that aims to improve the cybersecurity of any internet connected devices purchased by the federal government: Internet of Things (IoT) Cybersecurity Improvement Act 2017 [read more]
August 14, 2017 6:12 PM |
Top Story │ Update on AUSTRAC allegations against the Commonwealth Bank of Australia [read more]
August 14, 2017 6:11 PM |
Top Story │ ASIC reportedly confirms it will investigate whether the Commonwealth Bank of Australia board complied with continuous disclosure obligations when it decided not to alert investors to the AUSTRAC investigation [read more]
August 7, 2017 12:35 PM |
AUSTRAC brings civil proceedings against Commonwealth bank for 'serious and systemic non-compliance' with the AML/CTF Act [read more]
August 7, 2017 12:32 PM |
Top Story: Global survey finds the real cost of cyber attacks on business is the enforced downtime not the ransom demand [read more]
July 24, 2017 2:13 PM |
The Financial Services Council launches mandatory stewardship code for asset managers: State Street reportedly says most funds will already be compliant [read more]
July 17, 2017 1:32 PM |
US Securities and Exchange Commission Chairman Jay Clayton outlines principles that will guide his chairmanship [read more]
July 17, 2017 1:30 PM |
Perpetual lose ten year battle against the two Millner family companies Washington H Soul Pattinson and Brickworks [read more]
July 10, 2017 1:38 PM |
UN International Telecommunication Union survey ranks national cyber efforts: Australia ranked seventh in the world behind Mauritius, Estonia, Oman, Malaysia, The US and Singapore [read more]
July 3, 2017 2:16 PM |
Recent ransomware attacks demonstrate not enough companies are taking the risks of cyber hacking seriously say MinterEllison's Paul Kallenbach and Leah Mooney [read more]
June 26, 2017 2:28 PM |
Barclays Bank and four of its former senior staff charged with fraud by the Serious Fraud Office for events dating to the 2008 financial crisis [read more]
June 19, 2017 11:40 AM |
ASIC reportedly launches investigation into CPA; Xenophon introduces Bill into senate [read more]
June 19, 2017 11:36 AM |
Uber CEO to take indefinite leave of absence following release of results of investigation into workplace culture [read more]
May 29, 2017 3:04 PM |
MinterEllison partner Alberto Colla has provided some tips for boards in relation to key governance developments: reforming culture and engaging with proxy advisers [read more]
May 29, 2017 2:57 PM |
According to Ernst and Young, its Asia-Pacific Fraud Survey 2017 has ‘highlighted multiple “red flags” indicating that organizations are in danger of letting fraud risk spiral out of control’ [read more]
May 29, 2017 2:50 PM |
Further action has been taken by regulators to improve conduct in the foreign exchange market, including the release of a global code of conduct and a new ASIC report on the issue FX Global Code of Conduct
[read more]
May 29, 2017 2:42 PM |
A climate change resolution was withdrawn from Oil Search’s AGM, on the basis of 'progress made' by the company, while a shareholder proposal relating to human rights failed to pass [read more]
May 22, 2017 4:40 PM |
The recent 'WannaCry' ransomware attack should serve as a warning to boards to take notice of cyber risk, and to ensure they are providing effective oversight. [read more]
May 22, 2017 4:31 PM |
According to a new Strategy& study, in 2016 81% of CEO turnovers were planned, while the percentage of CEOs fired for 'ethical lapses' is on the rise. [read more]
May 15, 2017 12:45 PM |
The International Organization for Standardization has released a new standard for sustainable procurement, to help organisations make socially responsible purchasing decisions. [read more]
May 15, 2017 12:42 PM |
NZX Limited has published its final NZX Corporate Governance Code, its first substantial update since 2003. [read more]
May 8, 2017 2:10 PM |
Australian companies have been urged to take part in the Whistle While They Work 2 research project to improve their whistleblowing processes and inform new legislation. [read more]
May 8, 2017 2:08 PM |
The Asset Owners Disclosure Project has asserted that its latest Global Climate Index shows that the world's biggest investors are 'rapidly scaling up action to protect their portfolios'. [read more]
May 8, 2017 2:04 PM |
In the UK, a parliamentary committee has recommended the introduction of a corporate offence of failure to prevent human rights abuses, as well as improvements to the Modern Slavery Act. [read more]
May 8, 2017 2:02 PM |
The Fair Work Ombudsman has released new tools to help prevent the exploitation of workers in contracted labour supply chains. [read more]
May 1, 2017 5:21 PM |
In the UK, CGI's new global study has found that a severe cyber security breach represents a permanent cost of 1.8% of company value (and as much as 15% in some extreme cases). [read more]
May 1, 2017 5:18 PM |
Nausicaa Delfas, Executive Director at the UK Financial Conduct Authority, has argued that companies need to move to a ‘secure culture’ to address cyber threats. [read more]
April 24, 2017 3:58 PM |
The ASX has released the results of its ASX 100 Cyber Health Check, which found a high level of risk awareness among directors, but gaps in organisational preparedness and resilience. [read more]
April 24, 2017 3:55 PM |
In its second report on its review of the four major banks, the Economics Standing Committee has affirmed its support for all ten of its original recommendations. [read more]
April 24, 2017 3:51 PM |
The ASIC Enforcement Review Taskforce has proposed reforms to strengthen the financial services breach reporting regime, including to clarify when the reporting obligation is triggered. [read more]
April 24, 2017 3:47 PM |
Stephen Sedgwick has released his proposals for the reform of product based payments in retail banking, which are 'deliberately intended to signal a sharp break with the past'. [read more]
April 10, 2017 6:22 PM |
The federal government is consulting on proposed reforms to Australia's foreign bribery regime, including a new corporate offence for failure to prevent foreign bribery. [read more]
April 10, 2017 6:20 PM |
APRA chairman Wayne Byres has discussed how APRA intends to put the Financial System Inquiry's 'unquestionably strong' recommendation into practice. [read more]
April 10, 2017 6:14 PM |
AMP Capital has predicted that prominent ESG trends in 2017 will include sugar and obesity, climate change, disruption, executive pay and supply chain scrutiny. [read more]
April 3, 2017 1:38 PM |
A new report from NYU Stern Center for Business and Human Rights has found 'fundamental gaps' in ESG disclosure tools when it comes to assessing the 'S'. [read more]
April 3, 2017 1:34 PM |
The Senate Economics References Committee has released the report of its inquiry into penalties for white collar crime, recommending increased civil penalties and disgorgement powers. [read more]
March 27, 2017 2:03 PM |
The Federal Reserve Bank of New York's CEO William C Dudley has argued that defining purpose, measurement and incentives are key to improving culture in financial services. [read more]
March 27, 2017 2:00 PM |
Bank of England Governor Mark Carney has tried to dispel some fears concerning the UK's senior managers regime following the bank's own recent experiences. [read more]
March 27, 2017 1:57 PM |
The results of the UK Banking Standards Board's culture assessment suggests that UK banks need to work on responsiveness, accountability, personal resilience and openness. [read more]
March 27, 2017 1:56 PM |
AMP Capital has broken new ground, becoming the 'first fund manager driven by the profit motive to go tobacco free' across all its portfolios. [read more]
March 27, 2017 1:53 PM |
State Street Global Advisors has urged boards to focus on the risks a 'host of environmental and social sustainability issues' pose to long-term viability. [read more]
March 20, 2017 2:08 PM |
According to MinterEllison's second Perspectives on Cyber Risk report, boards need to step up their oversight of cyber security. [read more]
March 20, 2017 2:01 PM |
The second round of hearings in the review of the four major banks has shown that there are a few sticking points in relation to the Economics Standing Committee's recommendations. [read more]
March 20, 2017 1:58 PM |
The Corporate Human Rights Benchmark has released its first ranking of corporate human rights performance, showing that there is plenty of room for improvement. [read more]
March 20, 2017 1:55 PM |
Momentum appears to be building for more detailed regulatory guidance on appropriate carbon risk disclosure, with a focus on the Financial Stability Board's Task Force on Climate-related Financial Disclosures' recommendations. [read more]
March 13, 2017 1:26 PM |
ASIC has set out its enforcement focus areas for the next six months in relation to market integrity, corporate governance and financial services. [read more]
March 13, 2017 1:23 PM |
In ASIC's appearance before Senate Estimates, chairman Greg Medcraft has argued that it is not enough for companies to do the right thing just because ASIC has stepped in. [read more]
March 13, 2017 1:16 PM |
In the face of an increasingly complex operating environment, boards have been urged to think beyond shareholder returns in order to maintain their social licence to operate. [read more]
March 6, 2017 12:24 PM |
The Phoenix Project has released recommendations aimed at preventing harmful phoenix activity, including the introduction of director identification numbers. [read more]
March 6, 2017 12:22 PM |
The US Department of Justice has released useful guidance on the topics and questions the Fraud Section has found relevant in evaluating corporate compliance programs. [read more]
March 6, 2017 12:19 PM |
The federal government has introduced legislation which, among other things, makes franchisors and holding companies responsible for underpayment of employees in certain cases. [read more]
March 6, 2017 12:14 PM |
ASIC’s latest report on the regulation of corporate finance issues has highlighted some key focus areas, including business model disclosure, climate risk and cyber security. [read more]
February 27, 2017 4:18 PM |
The ATO's new 'justified trust' initiative has increased the burden on directors to ensure their company's tax governance and risk framework is 'in good working order'. [read more]
February 20, 2017 3:39 PM |
APRA member Geoff Summerhayes has warned financial institutions that it is no longer the case that climate risks can be seen as a future problem or a non-financial problem. [read more]
February 13, 2017 11:50 AM |
The NZ FMA has finalised a guide on its view of conduct, which explains how the FMA will use a conduct ‘lens’ in carrying out its monitoring and supervisory activities [read more]
February 13, 2017 11:47 AM |
The UK FRC’s CEO, Stephen Haddrill, has highlighted the importance of rebuilding public trust in business, calculated risk taking and maintaining a strong corporate culture [read more]
February 13, 2017 11:42 AM |
According to State Street CEO Ronald O’Hanley, ‘addressing ESG issues is a good business practice and must be part of effective board leadership and oversight of long-term strategy’ [read more]
February 13, 2017 11:37 AM |
According to EY, this US proxy season investors will be focused on board composition, environmental and social risks, regulatory uncertainty, executive pay and short-termism [read more]
December 12, 2016 3:28 PM |
The panel reviewing the financial system's external dispute resolution framework has proposed two new industry ombudsman schemes: one to replace the Financial Ombudsman Service and Credit and Investments Ombudsman Scheme, and one to replace the Superannuation Complaints Tribunal. [read more]
December 5, 2016 2:52 PM |
The UK government has released its much anticipated Green Paper seeking input on a number of proposed corporate governance reforms, but commentators argue it's a let down. [read more]
December 5, 2016 2:48 PM |
ASIC Commissioner John Price has highlighted some of ASIC's current priorities in relation to gatekeeper culture in the financial services industry (including breach reporting). [read more]
December 5, 2016 2:43 PM |
A recent Federal Court decision has highlighted the fact that directors need to consider their broader fiduciary duties when devising tax planning strategies or other corporate actions. [read more]
November 28, 2016 2:49 PM |
The government has agreed to 'momentous changes' to the whistleblower protections in the Fair Work (Registered Organisations) Bill, with a view to extending them to the private sector. [read more]
November 28, 2016 2:45 PM |
ASIC Commissioner John Price has discussed ASIC's expectations in relation to managing conduct risk, and given an overview of the trends uncovered by its conduct risk survey. [read more]
November 21, 2016 3:23 PM |
ASIC Commissioner John Price has covered 'first mover' problems, responsible lending, culture and the benefits of breach reporting in a speech about uncertainty in consumer lending. [read more]
November 21, 2016 3:21 PM |
APRA chairman Wayne Byres has stressed the importance of a strong risk culture in the face of growing pressure on the finance sector to improve returns. [read more]
November 14, 2016 1:33 PM |
ASX and ASIC have invited ASX 100 companies to participate in the Cyber Health Check, and encouraged boards to take part to demonstrate they are actively engaged in addressing cyber issues. [read more]
November 7, 2016 2:25 PM |
ASIC has highlighted its market integrity priorities for 2016-17; cyber resilience, firm culture and conduct, handling confidential information and managing conflicts of interest. [read more]
November 7, 2016 2:06 PM |
Australian directors who fail to consider 'climate change risks' now have been warned that they could be found liable for breaching their duty of care and diligence in the future. [read more]
October 31, 2016 2:03 PM |
In the UK, a new report has asserted that unless the culture of regulators is changed the country 'will be sleepwalking into the next financial crisis'. [read more]
October 24, 2016 2:36 PM |
The Australian Cyber Security Centre has highlighted the importance of planning and preparation to mitigate the potential costs of a cyber incident (and called for more self-reporting). [read more]
October 24, 2016 2:34 PM |
The International Organization for Standardization has published ISO 37001:2016, a 'powerful new tool' to assist organisations combat bribery. [read more]
October 24, 2016 2:29 PM |
APRA has highlighted the sustained attention still required by the financial sector to develop a sound risk culture, and has set out how it intends to 'support and encourage' this effort. [read more]
October 17, 2016 11:27 AM |
A busy week for the life insurance industry: the release by the FSC of an industry code of practice, the results of industry reviews by ASIC and APRA, and a bill aimed at preventing 'churning' [read more]
October 17, 2016 11:14 AM |
Studies suggest that activism is spreading outside the US, and that Australia is becoming a key target (thanks in part to its corporate governance rules) [read more]
October 10, 2016 1:44 PM |
The UK FCA is consulting on new measures to strengthen the senior managers’ and certification regime as part of its continued focus on culture, including extending conduct rules to non-executive directors. [read more]
October 10, 2016 1:40 PM |
Following its 2016 cyber security survey, APRA has identified a set of practices for cyber risk management which it advises all regulated entities to consider. [read more]
October 10, 2016 1:33 PM |
APRA member Geoff Summerhayes has urged financial institutions to focus on maintaining customer and community trust to preserve their social licence. [read more]
October 10, 2016 1:29 PM |
The federal government has announced plans to strengthen the rules regulating the Bank Bill Swap Rate, including to make manipulation a specific criminal and civil offence. [read more]
September 26, 2016 5:29 PM |
EY’s latest review of FTSE 350 annual reports has found, among other things, that there is variation in the quality and specificity of disclosures, including in relation to risk reporting. [read more]
September 26, 2016 5:26 PM |
The UK FRC's chairman, Sir Win Bischoff, has argued that corporate culture needs to achieve positive outcomes for all stakeholders and for 'society itself' [read more]
September 26, 2016 5:23 PM |
Bank of England Governor Mark Carney has argued that to ensure a smooth transition to a two degree world, corporate stakeholders need the ‘right information’. [read more]
September 26, 2016 5:19 PM |
The UK’s Financial Conduct Authority has set out its expectations in relation to management of cyber risk, which include ensuring a ‘security culture’ driven from the top down. [read more]
September 19, 2016 3:04 PM |
A new report has called on investors to do more to pressure companies they invest in to assess and mitigate the risks of dealing with anonymously-owned shell companies. [read more]
September 19, 2016 2:56 PM |
The US Business Roundtable has asserted that 'an increase in shareholder access to the boardroom cannot come without a corresponding increase in shareholder responsibility'. [read more]
September 19, 2016 2:53 PM |
In the UK, a parliamentary inquiry has been launched on corporate governance, to consider directors' duties, executive pay and board composition (including employee representation). [read more]
September 12, 2016 10:19 AM |
The UK Institute of Directors has released its second ranking of the FTSE 100 based on corporate governance performance, and called on directors to learn from the research. [read more]
September 12, 2016 10:09 AM |
AMP Capital has released its 2016 Mid-year Corporate Governance Report, which sets out its proxy voting highlights and its current engagement themes. [read more]
September 5, 2016 4:45 PM |
The federal government has established a 'royal commission like' inquiry into the banks' small business lending practices, appeasing some Coalition MPs. [read more]
September 5, 2016 4:41 PM |
In its latest Corporate Plan, ASIC has among other things given its view of 'what good looks like' for gatekeepers across the sectors it regulates. [read more]
September 5, 2016 4:27 PM |
The Federal Court has found that Storm Financial directors breached their directors' duties by causing Storm to contravene the Corporations Act. [read more]
August 29, 2016 3:21 PM |
Deloitte's recent global survey on crisis readiness in large organisations has found that directors are aware of crisis threats but may not be prepared to handle them. [read more]
August 29, 2016 3:19 PM |
The federal government has indicated its support for a banking tribunal, but some argue that it won't be enough to restore community trust in the sector. [read more]
August 22, 2016 3:44 PM |
Announcing the results of APRA's stress test of the life insurance industry, APRA member Geoff Summerhayes noted that 'regulatory capital won't help institutions if they can't be trusted'. [read more]
August 15, 2016 1:59 PM |
ASIC has advised firms to give careful consideration to the handling of material non-public information and conflicts of interest, after finding a number of poor and inconsistent practices. [read more]
August 15, 2016 1:56 PM |
In its latest enforcement report ASIC has identified its priority areas for the next six months, suggesting gatekeepers should focus on culture, cyber risk and disclosure. [read more]
August 8, 2016 1:52 PM |
Australia's major banks will be called to appear annually before the House of Representatives' economics committee, following the controversy over interest rates. [read more]
August 8, 2016 1:49 PM |
The NZ Financial Markets Authority has released for public comment proposed guidance on how it will examine whether financial services providers are demonstrating good conduct. [read more]
August 1, 2016 1:04 PM |
In the UK, the spotlight is on corporate governance, especially at private companies, following a parliamentary report into the collapse of BHS. [read more]
August 1, 2016 1:02 PM |
ASIC's Market Supervision Regulatory Priorities letter for 2016-17 calls on market participants to focus on cyber-resilience, culture and handling of confidential information. [read more]
July 25, 2016 3:14 PM |
The UK's Financial Reporting Council has released a new report which highlights the role of the board in evaluating, overseeing and monitoring corporate culture. [read more]
July 25, 2016 3:11 PM |
Governance Institute of Australia has released its inaugural Ethics Index, which reveals that large corporations (and their senior executives) need to improve their image. [read more]
July 25, 2016 3:08 PM |
ASIC has set out its recommendations for effective due diligence in IPOs, after finding a 'close correlation between defective disclosure in a prospectus and poor due diligence'. [read more]
July 11, 2016 1:34 PM |
Although the capital ratios of the major Australian banks position them in the top quartile internationally, APRA has said they are likely to need further improvement. [read more]
July 4, 2016 2:22 PM |
On the whole, US banks have fared well in this year's stress tests, although regulators have again objected to the capital plans of the US units of Deutsche Bank and Santander. [read more]
July 4, 2016 2:20 PM |
ASIC chairman Greg Medcraft has argued that the negative impact of 'poor culture' applies as much to insider trading as business practices and general conduct. [read more]
July 4, 2016 2:12 PM |
KPMG's 2016 Global CEO Outlook has found that although CEOs are keen to foster innovation, they are concerned they lack the time to do so (particularly in Australia). [read more]
June 27, 2016 4:12 PM |
ASIC chairman Greg Medcraft has discussed the role of directors and executives in supporting a strong culture, asserting that boards need be alert to 'red flags' and have their 'noses in'. [read more]
June 27, 2016 4:05 PM |
A US SEC official has suggested that culture should be seen as 'a sort of mitigant to all risks', but more specifically as a support for conduct risk. [read more]
June 20, 2016 1:01 PM |
A new report has assessed disclosure of political risk in FTSE 100 annual reports, concluding that there is 'an excessive tendency to report risks in a generic form'. [read more]
June 20, 2016 12:57 PM |
MinterEllison's Sarah Barker and Maged Girgis have argued that recent international developments have raised the bar on climate change disclosure and governance. [read more]
June 14, 2016 2:47 PM |
PwC's latest edition of Mine, which reviews trends among the top 40 global mining companies, suggests that miners showed a 'lack of capital discipline in the boom years'. [read more]
June 14, 2016 2:42 PM |
A new KPMG report has found that Australian companies' annual reports have 'cut the clutter' more successfully than their global counterparts, but 'fall down' on other issues. [read more]
June 14, 2016 2:36 PM |
The Full Federal Court has dismissed ACCR's appeal against the Federal Court's decision that CBA was entitled to exclude certain shareholder resolutions from its notice of AGM. [read more]
June 6, 2016 11:54 AM |
MinterEllison has argued that the government's 'safe harbour' and 'ipso facto' insolvency law reform proposals need further consideration. [read more]
June 6, 2016 11:50 AM |
In the US, FINRA's chairman and CEO has discussed how regulators and the industry can work toward ensuring a culture in the financial services industry which puts clients' interests first. [read more]
June 6, 2016 11:47 AM |
ASIC has reported that its taskforce reviewing how market intermediaries manage confidential information and conflicts of interest has identified a number of risk areas. [read more]
May 30, 2016 2:48 PM |
US SEC Chief of Staff Andrew J. Donohue has discussed some of his thoughts and observations on corporate compliance, including how compliance officers can 'get more comfortable'. [read more]
May 30, 2016 2:45 PM |
ASIC Commissioner John Price has suggested a number of ways that boards can promote a more positive culture within their organisations. [read more]
May 30, 2016 2:42 PM |
KPMG's new report has found 'considerable room for improvement' in the adoption of ASX Corporate Governance Council recommendation 7.4 on sustainability risk disclosure. [read more]
May 23, 2016 12:50 PM |
In its Cyber Security Strategy, the federal government has outlined its plans to assist the private sector strengthen its cyber defences. [read more]
May 23, 2016 12:42 PM |
PwC's 2016 Global Economic Crime Survey has found that a lack of data quality, skills, resources, and board level engagement are leaving Australian organisations vulnerable. [read more]
May 16, 2016 11:45 AM |
In a recent speech on regulatory compliance, ASIC Commissioner Cathie Armour has stressed the importance of a 'customer-first' culture. [read more]
May 16, 2016 11:43 AM |
ASIC is consulting on updated guidance to improve disclosure of historical financial information in prospectuses. [read more]
May 16, 2016 11:40 AM |
ASX is consulting on proposed changes to its requirements for admission, including increasing the financial thresholds. [read more]
May 16, 2016 11:33 AM |
Market based causation has been given a 'green light' in the NSW Supreme Court's decision in HIH Insurance Limited (in liquidation) & Ors. [read more]
May 9, 2016 11:05 AM |
In the federal budget, the government has announced a number of measures targeting tax avoidance by multi-national companies, including new whistleblower protections. [read more]
May 9, 2016 11:02 AM |
The federal government has released a discussion paper on the three measures aimed at improving bankruptcy and insolvency law agreed as part of its innovation agenda. [read more]
May 9, 2016 10:58 AM |
The report of the parliamentary inquiry into the impairment of customer loans has made a number of recommendations aimed at preventing 'unconscionable' treatment of bank customers. [read more]
May 2, 2016 1:06 PM |
The Australian Bankers' Association has announced a package of measures to address consumer concerns with the banking industry. [read more]
May 2, 2016 1:01 PM |
The federal government has announced a reform package designed to better enable ASIC to 'combat misconduct in Australia's financial services industry'. [read more]
April 18, 2016 12:18 PM |
APRA has released the report on its investigation into the failure of Trio Capital, highlighting three key lessons for superfund trustees. [read more]
April 18, 2016 12:16 PM |
The Fair Work Ombudsman has asserted that big name brands need to take moral and ethical responsibility for workers in their networks, even if they have no direct legal responsibility. [read more]
April 18, 2016 12:14 PM |
The Governance Institute of Australia has released a risk management handbook for directors, to assist boards to integrate their governance and risk management frameworks. [read more]
April 18, 2016 12:11 PM |
MinterEllison partners have predicted that activism may be on the rise (particularly in WA), and advise boards to engage with activists in a 'neutral and open-minded way'. [read more]
April 11, 2016 12:58 PM |
APRA deputy chairman Helen Rowell has emphasised the role of superfund boards in sound governance, strategic planning, setting investment strategy and ensuring transparency. [read more]
April 11, 2016 12:54 PM |
APRA chairman Wayne Byres has highlighted the work that needs to be done (by regulators and firms) to ensure Australia's financial system is both strong and resilient. [read more]
April 11, 2016 12:52 PM |
An intense debate has emerged concerning the proper role of regulators in policing corporate culture at Australian companies. [read more]
April 11, 2016 12:49 PM |
According to ASIC's six-monthly report on market integrity, cyber threats, handling of confidential information and conduct risk remain the key issues in 2016. [read more]
April 11, 2016 12:46 PM |
The UK's Prudential Regulation Authority has released a supervisory statement relating to (collective) board responsibilities. [read more]
April 4, 2016 4:01 PM |
Shareholder activists, short-termism and culture (among other things) have been blamed for the recent events at Valeant Pharmaceuticals. [read more]
April 4, 2016 3:57 PM |
APRA is consulting on clarifications to the governance and risk management components of the 'Level 3 framework' (and will defer implementation of conglomerate capital requirements). [read more]
April 4, 2016 3:54 PM |
ASIC has released its latest enforcement report: looking forward it will continue its focus on market integrity, corporate governance and misconduct in the wealth management industry. [read more]
April 4, 2016 3:50 PM |
The UK's Investment Association has launched a Productivity Action Plan aimed at boosting the British economy by ending short-termism. [read more]
March 23, 2016 5:07 PM |
The federal government is consulting on whether a scheme for Deferred Prosecution Agreements (DPAs) should be introduced in Australia for 'serious corporate crime'. [read more]
March 23, 2016 5:05 PM |
APRA chair Wayne Byres has said that although boards are paying more attention to culture, it appears 'they are still grappling with how best to do this in a robust and systematic manner'. [read more]
March 23, 2016 5:02 PM |
ASIC has encouraged all AFS licence holders to carefully review its report into culture, conduct and conflicts management practices in vertically integrated funds management businesses. [read more]
March 23, 2016 5:00 PM |
In a recent speech, ASIC chairman Greg Medcraft said that culture 'is not something that can be regulated with black letter law', but is an issue that companies themselves must address. [read more]
March 16, 2016 2:08 PM |
A recent survey has found that a 'significant number' of FTSE 300 boards have formed committees to focus on sustainability, ethics and values (but warns this is not always the best approach). [read more]
March 16, 2016 1:46 PM |
Participants at a recent UK workshop have agreed that directors need to engage with staff and 'be aware of what the customer is experiencing' to detect early signs of weak culture. [read more]
March 16, 2016 1:44 PM |
Australian commentators have highlighted a number of challenges companies face in establishing and protecting a healthy corporate culture. [read more]
March 9, 2016 1:20 PM |
ASIC has called on the financial services sector to share threat intelligence and collaborate with industry peers to improve cyber resilience practices across the industry. [read more]
March 9, 2016 1:16 PM |
The Financial Services Council and the Australian Council of Superannuation Investors have released a guide for Australian companies on how to identify and report ESG issues. [read more]
March 2, 2016 2:08 PM |
In light of increasing risks, PwC has advised companies to ensure they have a comprehensive internal control system that covers all significant third-party relationships. [read more]
March 2, 2016 2:05 PM |
The US Financial Industry Regulatory Authority is carrying out a targeted exam of broker-dealers in relation to 'establishing, communicating and implementing cultural values'. [read more]
March 2, 2016 2:00 PM |
ASIC has published its fourth report on the regulation of corporate finance issues highlighting, among other things, a focus on risk disclosure, poll voting and cyber security. [read more]
February 17, 2016 1:07 PM |
Bank of England director Sasha Mills has described the makings of a good Internal Audit function, which includes thinking about culture. [read more]
February 17, 2016 1:03 PM |
In a recent article Professor Elizabeth Sheedy discusses some insights in relation to risk culture gleaned from a research project she is leading at Macquarie University. [read more]
November 18, 2015 12:16 PM |
The Director of Enforcement and Market Oversight at the UK's Financial Conduct Authority has asserted that a good measure of culture is how quickly problems are nipped in the bud. [read more]
November 11, 2015 4:53 PM |
A Director in Enforcement at the UK's Financial Conduct Authority has discussed some key issues firms should bear in mind when carrying out their own internal investigations. [read more]
November 4, 2015 5:10 PM |
US Assistant Attorney General Leslie R. Caldwell has set out the Department of Justice's expectations in relation to compliance programs, as the new 'compliance counsel' begins work. [read more]
October 21, 2015 2:01 PM |
According to EY's risk management survey of major financial institutions, although there has been a concerted industry-wide effort to alter risk culture, change is still a 'work in progress'. [read more]
October 21, 2015 2:01 PM |
According to EY's risk management survey of major financial institutions, although there has been a concerted industry-wide effort to alter risk culture, change is still a 'work in progress'. [read more]
October 7, 2015 11:47 AM |
AMP Capital has explained its approach to cyber security risk in the context of its ESG policy, and has called on companies to engage with shareholders about how the board is addressing the issue. [read more]
October 7, 2015 11:39 AM |
AMP Capital has discussed its expectations in relation to the ASX Corporate Governance Council's new recommendations relating to disclosure of risk management and board composition. [read more]
September 23, 2015 1:08 PM |
US academics have provided a 'primer' on the next frontier for boards – the oversight of 'risk culture' – identifying some of the challenges and recommending practical steps they can take. [read more]
September 23, 2015 1:06 PM |
APRA chairman Wayne Byres has asserted that there is 'more to do' on culture and remuneration (and living wills) to ensure ADIs are 'unquestionably strong' over the long term. [read more]
September 2, 2015 3:56 PM |
ASIC Deputy Chair Peter Kell has defended ASIC's approach to 'culture' following comments at a Governance Institute of Australia public forum on the role of the regulator. [read more]
August 19, 2015 2:32 PM |
In its interim report, the Senate inquiry into corporate tax avoidance has called for greater public transparency in relation to the tax affairs of Australian and multinational companies. [read more]
August 19, 2015 2:30 PM |
A recent academic paper argues that corporate counsel are well suited to positively influence compliance in two important domains: corporate governance and establishing a culture of integrity. [read more]
August 19, 2015 2:29 PM |
The Governance Institute of Australia has reported that a new international standard for compliance has been released, which it advises ASIC is likely to reference in its focus on culture. [read more]
August 19, 2015 2:27 PM |
Before the Parliamentary Joint Committee on Corporations and Financial Services, ASIC representatives have discussed its capability review, recovery of costs and expenses, and culture. [read more]
August 19, 2015 2:19 PM |
In a bid to address multinational tax avoidance, the federal government has released an exposure draft of legislation introducing country-by-country reporting for large multinationals operating in Australia. [read more]
August 19, 2015 2:18 PM |
The AFP reportedly wants to show it is serious about enforcing anti-bribery legislation, but will endeavour to achieve 'the best outcome' for companies that come forward. [read more]
July 29, 2015 1:52 PM |
The federal government has announced a review of the capabilities of ASIC, suggesting it may want to make sure ASIC has its 'house in order' before it gets any increase in power. [read more]
July 29, 2015 1:28 PM |
Despite fears expressed by some macroeconomists, Fidelity research suggests that globally companies are both investing and rewarding shareholders and can continue to do so. [read more]
July 22, 2015 11:12 AM |
The Australian Taxation Office has released a new guide to assist large and complex corporations self-evaluate their governance frameworks and strategic and operational tax risks. [read more]
July 22, 2015 11:11 AM |
The US Federal Reserve has finalised new capital rules which will apply to the eight largest US banks in its 'plainest effort yet to encourage them to shrink'. [read more]
July 22, 2015 11:10 AM |
Banks are reportedly considering a range of possible responses to protect returns after APRA announced increased capital requirements for residential mortgage exposures. [read more]
July 22, 2015 11:06 AM |
ASIC's recent focus on conduct risk has been challenged on the basis that its new definition is too broad, and that in any event APRA might be better placed to regulate it. [read more]
July 15, 2015 5:54 PM |
ASIC has acknowledged that there are some technical difficulties with breach reporting requirements following questioning by the Senate Economics References Committee. [read more]
July 8, 2015 1:49 PM |
A Conference Board paper has provided guidance in relation to the increasing expectations on boards of UK and US companies to oversee risk culture. [read more]
July 1, 2015 6:20 PM |
Recent international developments are raising the bar for institutional investors and fund managers on climate change investment risk management. [read more]
June 17, 2015 1:22 PM |
ASIC Commissioner Cathie Armour has discussed some important cybersecurity issues for companies, including reporting and disclosure requirements. [read more]
May 13, 2015 3:04 PM |
US SEC chair has suggested companies report cyber events outside the public-reporting regime, while the US DOJ says hedge funds have 'barely begun' to address cyber-risks. [read more]
May 6, 2015 2:14 PM |
US government foreign bribery investigations spark backlash from Wall Street banks, who fear the outcomes may change the way they do business overseas. [read more]