ASIC’s report examines corporate governance practices at seven large financial institutions, identifying “important shortcomings” in relation to the oversight and management of non-financial risk.
In particular, ASIC highlights deficiencies in entities’ articulation of, and adherence to, risk appetite statements (particularly as they relate to compliance risks); information flows to the board; and functioning of board risk committees.
AICD’s media release in response to ASIC’s report is available here.
Download the AICD’s summary of the report
The address of James Shipton, ASIC Chair, at the Essential Director Update in Sydney is available below: