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Correction Update:Some Brief Notes on the GRC 2022 Conference

Monday 17 October 2022


*Correction 17/10/22: Gina Conde --  Mt St. Michael's College * 
 
The session kicked off with GRC Institute Director Annette Donselaar officially releasing the first of the Member’s Only Practice Notes on the critical success factors (CSF) in Assurance to compliment the three lines of accountability paper. 

And she indicated that more practice notes from next year. 

 
Australian Securities and Investments Commission (ASIC) commissioner Sean Hughes took up the baton reinforcing ASIC’s role in monitoring the activities in the Australian financial sector, laying out the regulator’s key enforcement priorities for the next year. 

Of not Hughes highlighted the Financial Accountability Regime (FAR) which is set to replace Banking Executive and Accountability Regime (BEAR) and extend it remit.  Guidance for FAR might come just in time for your summer holiday reading. 

 
Australian Prudential Regulation Authority Governance, Culture, going Remuneration & Accountability Stuart Bingham gave a breakdown of the work that the prudential regulator has been doing o their GCRA program  and reminds regulated entities that the Risk Culture 10 Dimensions is not checklist.

 
Bradley Brown form Austrac said “I would describe our efforts as going further and faster in our supervision of the regulate population”. 

There was a lot of focus on the essential obligation for the reporting entities  and indicated that their will updated sector specific risk publications
From a anti-money laundering  perspective the Optus breach will have impact on businesses for some time to come.
 
 
From Office of the Australian Information Commissioner Cate Cloudsdale announced reminded the regulated entities about their obligations as data stewards and shared some case studies on the OAIC case studies on cases connected collection and handling of biometric data without die care to the handling of sensitive information under the Australian Privacy Law.

Highlighted that OAIC will be investigating the OPTUS breach.

Trust in the context of the Australian public could be a competitive advantage for business. 

Don’t collect and store more data that is actually necessary on consumers. 


 
Dr. June Smith the Australian Financial Complaints Authority (AFCA) has been responding the to an independent review to improve the communication around complaints handling and the speed n the complaints handling. 

Dr Smith highlighted that there will less handover between the employees at AFCA. 


 
Deloitte Panel:
 
  • Sweta Maira Audit & Assurance PARTNER
  • Victoria Whitaker Risk Advisory PARTNER
  • Jacquie Fegent-McGeachie Audit & Assurance PARTNER
 
The final session is the Deloitte panel dealt with the use new technologies and leveraging of data, addressed the importance cultivating trust and looking at the ‘E’ in ESG and the developments globally at looking financial reporting around clime-related risk and the growing risk of ‘greenwashing’.


Awards

Congratulation to Deborah Latimer who, though won her award Lifetime Member award last,  year has finally received her award this year.
 
And congratulations to:
  • Gina Conde -- Mt St. Michael's College (Correction)
  • Renai Williams--Super Retail Group
 
 
 
 
 

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