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GRC 2018 Event series in Sydney in Brief

Friday 29 June 2018


The day opened with Jo-Anne Hayes who is Head of Risk, Compliance and Quality at Grant Thornton.

She spoke about the importance of reviewing the existing privacy frameworks as well as also reconsidering the supply chain and not underestimating the exposure of third party risk.

Warren Day from ASIC spoke to attendees about changes in the whistle-blower legislation, and while there are still further amendments to be made, the regime will not include a US-style reward system. Day said that he hoped that the whistle-blower policies will be 'lived policies'.

After Morning Tea, Nathan Lynch who is the Asia Pacific Bureau Chief Financial Crime and Risk at Thomson Reuters, shared his top ten ‘black swans’ that will change the financial crime and financial crime compliance environment.  

The number 1 in his countdown was the changing enforcement environment—those who have not been able to read that writing on the wall have faced significant penalties. “AUSTRAC means business, regulators see this stuff as top priority. Don’t let your organisation get complacent,” he said.  

Sarah Ewen from Public Speaking for Life shared tips for public speaking and how the risk and compliance professionals can get their messages across in an engaging way. Being able engage and get your message across is an essential tool of the risk and compliance professionals’ toolkit.

Carolyn Hanson, President of the GRCI, shared her professional journey in risk and compliance and demonstrated that the profession can take professionals anywhere in the world. Hanson also looked at the skills and attributes of a good compliance professional.

“It’s the time for compliance to be heard,” she said.

Samantha Clarke from Advice Regtech showcased her RegTech product, and also stressed the need for engagement between industry and regTechs to help regTechs understand what the industry needs. 

After Lunch, Stuart Bingham, General Manager at Australian Prudential Regulation Authority (APRA) did an overview of the CBA Inquiry that was kicked off last year by AUSTRAC’s decision to take CBA to court for breaches of the AML/CTF Act.

He said that CBA’s financial success and lack of focus on non-financial risks is what led the member of the big four to the record-breaking penalty of $700 million plus the legal fees of the financial intelligence agency.

This is a cautionary tale that other financial institutions can learn from.

And last, but not least, Luke Wajsbrem, Senior Manager at Australia Post, took a less theoretical and more practical approach to the risk appetites—specifically looking at the Australia Post and their own framework.

Hope to see you at the next event in our GRC2018 Event Series.  Please check our
 GRCI Events Page for future events and courses.