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Thursday 19 April 2018




Sydney Morning Herald

The Sydney Morning Herald (SMH) reported that AMP has ‘misled’ the Australian Securities and Investments Commission (ASIC) on twenty occasions.

The SMH also reported that AMP interfered with the drafting of an independent report.

Michael Hodge QC revealed to the royal commission that Clayton UTZ, commissioned to ...

By the GRC Professional

Thursday 19 April 2018




Money Management

Money Management reports that robo-advice is growing amongst millennials; however, it is older Australians who provide a key opportunity for robo-advice operators.

A survey of 10,000 online investors and 1,425 financial advisers, conducted in eight countries, found that 22 percent of Australian share investors were famili...

By the GRC Professional

Wednesday 18 April 2018




* This article has been republished from
Bright Law with the permission of David Jacobson


By David Jacobson


If you’ve been watching the Financial Services Royal Commission
 live streaming of evidence it’s clear that the financial institutions giving evidence have trouble complying with “soft” laws.

By “soft” laws I mean principle-base...

By the GRC Professional

Monday 16 April 2018


Regulation

The Thomson Reuters Australian Regulatory Summit began by establishing the challenge organisations have with meeting regulatory obligations—demonstrated by the fact that, when polled, 81% of attendees admitted to suffering from regulatory fatigue.
 
In his keynote address, David Coleman MP talked about ‘good’ regulation and ‘bad’ re...

By the GRC Professional

Monday 16 April 2018


Financial Crime 

The question of when DNFBPs will be captured in the Australian regulatory frameworks is still up in the air.

For the attendees of the Thomson Reuters Australian Regulatory Summit, perceptions were mixed, with 40% of the belief tranche 2 implementation in Australia will improve the current regulatory regime by covering previou...

By the GRC Professional



* Click here to download a PDF version of this article.

This article was originally publisjhed in the
GRC Professsional: Financial Crime 2018 Edition  


By Gareth Byatt and Lloyd Figgins
 
 

Acts of terror continue to take place around the world. What can businesses do to prepare for a terrorist incident that may impact their people and...

By the GRC Professional



News Summary 

The Financial Review recently reported that two business premises raided in connection multi-million dollar fraud committed by a former NAB employee.

Andrew Thorburn, NAB CEO, said that the bank was cooperating with the police and that no customers were impacted by the fraud.

"This matter has been investigated by us, and wa...

By the GRC Professional

Friday 13 April 2018



Technology 

The responsibility of technology and strategic technology risk rests in the domain of governance. Yet less than 10% of board members in Australia and Canada have technology experience.

“That means 90% of the people who are making decisions about future strategies have no real background in technology,” said Patrick McConnell, in...

By the GRC Professional

Tuesday 10 April 2018



Two auditors from the self-managed superannuation fund (SMSF) industry have been disqualified for breaches.

Robert Newham, from the Australian Capital Territory (ACT), was disqualified for breaching independence and professional development requirements, and John Tretola, from South Australia (SA), has also been disqualified for breaching inde...

By the GRC Professional



This article was originally published in the
GRC Professional: Financial Crime 2018 Edition.  Click here to download a PDF version of this story.

by Andrew McLeish
 

When the first whistleblower legislation was introduced in 2001 – The Whistleblower Protection Act 2001 (Vic), the aim of the Act was to afford a person the ultimate protection ...

By the GRC Professional