As part of Australian Securities & Investments Commission’s (ASIC) focus on more intensive supervisory approaches and following the Financial Services Royal Commission, ASIC set up a Corporate Governance Taskforce (the Taskforce) to conduct proactive and targeted reviews into corporate governance practices in large listed companies.
In late 2019, the Taskforce released REP 631 – Director and officer oversight of non-financial risk outlining its observations which highlighted what happens when proper oversight and management of non-financial risks are not made a priority.
Our publication summarises the key findings, implications and practical steps for public companies to take in order to apply a greater focus to the oversight and management of non-financial risk.
In general the Taskforce’s findings indicate practices with regards to non-financial risk are quite immature. Key themes arising from the published final report include the following:
Our experienced team can bring global insights and data-enabled technology solutions to address the challenges in lifting your corporate governance standards around oversight and management of non-financial risk. Our services include: