In a post-Financial Services Royal Commission (Hayne Royal Commission) world, the
regulatory landscape has changed fundamentally. The twin peaks model remains, but
the approach to enforcement is now summed up by the phrase, ‘adequate deterrence of
misconduct depends upon visible public denunciation of misconduct’.
ASIC has a new, more intensive supervisory approach—close and continuous monitoring
involves regularly placing ASIC staff onsite in major financial institutions to closely monitor
governance and compliance with laws. If successful, this program may be rolled out more
broadly. Its supervisory initiative, the Corporate Governance Task Force is undertaking
targeted reviews of corporate governance practices in large listed entities to allow it to
shine a light on ‘good’ and ‘bad’ practices observed across these entities.
Following a review of its enforcement strategy APRA has adopted a ‘constructively tough’
enforcement appetite. The Government has foreshadowed an extension of the Banking
Executive Accountability Regime (BEAR) beyond the banking sector
Compliance Officer update: What you should know about your Business Partner -...vivacidade
Compliance Officer update: This presentation shows why and how Compliance questionnaires are used in the context of the Third Party Compliance Due Diligence process. A proposal is made on key data and compliance information that should be obtained from the prospective Business Partner via self-questionnaire. It is the starting point for further analysis and background checks before a contractual obligation is concluded. The due diligence process should be designed to enable the identification of red flags.
As the volume of electronic medical data has grown, so has the number of third-party custodians who handle it. Organizations increasingly rely on third parties for infrastructure, managed applications and data management. Navigating the changing rules governing these third parties
has become more complex. The risk of these relationships is significant: Third parties are responsible for almost half of all data breaches. Compounding these challenges are new federal requirements for managing electronic protected health information. Important changes that take effect Sept. 23, 2013 in the Health Insurance Portability and Accountability Act (HIPAA) Omnibus Rule broaden the definition of a business associate, set new limits on how data may be used, redefine what constitutes a breach and establish new civil penalties for violations. Failing to properly assess risks inherent in these relationships and inadequately implementing monitoring controls to address the risk of third-party relationships can be costly in terms of potential penalties and damage to an organization’s reputation.
Presentation: Compliance & Third Party Due DiligenceethiXbase
Presentation: Compliance & Third Party Due Diligence
By Leas Bachatene, Chief Executive Officer, ethiXbase
Kicking off 2017 which calls for a renewed and intensified focus on compliance, ethiXbase participated in discussions at the Asian Compliance and Anti-Corruption Summit hosted by the European University Viadrina Frankfurt (Oder) and German-Southeast Asian Center of Excellence for Public Policy and Good Governance (CPG) in Bangkok on January 11th and 12th. Devoted to the theme of “Compliance Across Asia”, the summit featured experts who discussed anti-corruption and compliance in Asia.
Speaking on third party due diligence, Leas Bachatene, Chief Executive Officer of ethiXbase, was joined by other experts from organisations including Johnson & Johnson Pharmaceuticals, Allianz Indonesia and distinguished academia.
View slides from Leas Bachatene’s presentation on compliance and third party due diligence here, which outlines best practice steps towards achieving due diligence on 100% of third party relationships in a cost-effective manner with ethiXbase 2.0. Enjoy!
Doing business in China – Recent anti-corruption and briberyGrant Thornton LLP
China enforcement agencies have recently made headlines in their crackdown on corruption within the several industries. As a result of these high-profile investigations, multinationals are refreshing their current anti-corruption compliance and oversight programs to address China’s bribery laws.
The 2015 survey uncovers the latest issues organizations are facing as they respond to risks, assess the effectiveness of their risk mitigation activities and gain a deeper understanding of what they are doing to address cybersecurity.
ForwardThinking is a look ahead at the latest knowledge and insights available from Grant Thornton LLP. It includes a collection of our research, thought leadership and a schedule of upcoming webcasts and events.
CAEs speak out: Cybersecurity seen as key threat to growthGrant Thornton LLP
In Grant Thornton LLP’s fifth annual survey of chief audit executives (CAEs), financial services CAEs revealed that they see considerable room for improvement when it comes to their risk management functions. Here are our findings.
Compliance Officer update: What you should know about your Business Partner -...vivacidade
Compliance Officer update: This presentation shows why and how Compliance questionnaires are used in the context of the Third Party Compliance Due Diligence process. A proposal is made on key data and compliance information that should be obtained from the prospective Business Partner via self-questionnaire. It is the starting point for further analysis and background checks before a contractual obligation is concluded. The due diligence process should be designed to enable the identification of red flags.
As the volume of electronic medical data has grown, so has the number of third-party custodians who handle it. Organizations increasingly rely on third parties for infrastructure, managed applications and data management. Navigating the changing rules governing these third parties
has become more complex. The risk of these relationships is significant: Third parties are responsible for almost half of all data breaches. Compounding these challenges are new federal requirements for managing electronic protected health information. Important changes that take effect Sept. 23, 2013 in the Health Insurance Portability and Accountability Act (HIPAA) Omnibus Rule broaden the definition of a business associate, set new limits on how data may be used, redefine what constitutes a breach and establish new civil penalties for violations. Failing to properly assess risks inherent in these relationships and inadequately implementing monitoring controls to address the risk of third-party relationships can be costly in terms of potential penalties and damage to an organization’s reputation.
Presentation: Compliance & Third Party Due DiligenceethiXbase
Presentation: Compliance & Third Party Due Diligence
By Leas Bachatene, Chief Executive Officer, ethiXbase
Kicking off 2017 which calls for a renewed and intensified focus on compliance, ethiXbase participated in discussions at the Asian Compliance and Anti-Corruption Summit hosted by the European University Viadrina Frankfurt (Oder) and German-Southeast Asian Center of Excellence for Public Policy and Good Governance (CPG) in Bangkok on January 11th and 12th. Devoted to the theme of “Compliance Across Asia”, the summit featured experts who discussed anti-corruption and compliance in Asia.
Speaking on third party due diligence, Leas Bachatene, Chief Executive Officer of ethiXbase, was joined by other experts from organisations including Johnson & Johnson Pharmaceuticals, Allianz Indonesia and distinguished academia.
View slides from Leas Bachatene’s presentation on compliance and third party due diligence here, which outlines best practice steps towards achieving due diligence on 100% of third party relationships in a cost-effective manner with ethiXbase 2.0. Enjoy!
Doing business in China – Recent anti-corruption and briberyGrant Thornton LLP
China enforcement agencies have recently made headlines in their crackdown on corruption within the several industries. As a result of these high-profile investigations, multinationals are refreshing their current anti-corruption compliance and oversight programs to address China’s bribery laws.
The 2015 survey uncovers the latest issues organizations are facing as they respond to risks, assess the effectiveness of their risk mitigation activities and gain a deeper understanding of what they are doing to address cybersecurity.
ForwardThinking is a look ahead at the latest knowledge and insights available from Grant Thornton LLP. It includes a collection of our research, thought leadership and a schedule of upcoming webcasts and events.
CAEs speak out: Cybersecurity seen as key threat to growthGrant Thornton LLP
In Grant Thornton LLP’s fifth annual survey of chief audit executives (CAEs), financial services CAEs revealed that they see considerable room for improvement when it comes to their risk management functions. Here are our findings.
NEMEA Compliance Center - the most powerful survey creation, management, and reporting solution available. It intuitively collects responses, writes, and produces standardized regulatory compliance reports. In fact, it even supports the use of many different standards at once. Our compliance software has a fully featured user-interface that lets you rapidly compare the laws and regulations that govern your industry and business.
Training Slides of Certified Compliance Officer to enhance Personal Development, discussing the importance of Compliance.
Some Key-Points:
- The Framework of Compliance
- Corporate Governance
- Compliance Program
For further information regarding the course, please contact:
info@asia-masters.com
www.asia-masters.com
Grant Thornton LLP’s fourth annual survey of more than 400 chief audit executives (CAEs) from U.S. organizations finds CAEs are facing the realities of a greater compliance burden. See the full survey: http://gt-us.co/1ijnAke
Presentation: Cross-Border Anti-Corruption Programs
By Leas Bachatene, Chief Executive Officer, ethiXbase
Kicking off 2017 which calls for a renewed and intensified focus on compliance, ethiXbase participated in discussions at the Asian Compliance and Anti-Corruption Summit hosted by the European University Viadrina Frankfurt (Oder) and German-Southeast Asian Center of Excellence for Public Policy and Good Governance (CPG) in Bangkok on January 11th and 12th. Devoted to the theme of “Compliance Across Asia”, the summit featured experts who discussed anti-corruption and compliance in Asia.
Speaking on cross-border anti-corruption programs, Leas Bachatene, Chief Executive Officer of ethiXbase, was joined by other experts from the Organisation for Economic Co-operation and Development (OECD), UNDP Regional Asia Pacific Office, National Anti-Corruption Commission of Thailand, among others.
View slides from Leas Bachatene’s presentation on cross-border anti-corruption programs here, which outlines various elements of an effective cross-border anti-corruption program. Enjoy!
The Modern Slavery Supply Chain Risk Assessment Questionnaire brings together the human rights expertise of Norton Rose Fulbright, a global law firm*, with the ethiXbase 360 powerful
Third-Party Risk Management Platform to help your business identify, mitigate, and manage modern slavery risk and human rights abuses across your supply and manufacturing chains
The Modern Slavery Questionnaire uses five key indicators to
assess a supplier’s modern slavery risk:
1) Jurisdiction
2) Industry
3) Products
4) WorkForce
5) Risk-mitigating measures
After the acquisition: 5 steps to manage the tax processGrant Thornton LLP
A detailed plan is critical to accomplishing all the tax-related tasks that need to occur in the months after an M&A transaction closes. Your 100-day plan for managing the tax process should include five key steps.
The Effect of Working Experience, Integrity, Competence, and Organizational C...iosrjce
External There search objectives are to seek empirical evidence about the influence of personal
characteristics of the auditor to the audit quality. The population in this study is the auditor who worked on
owned companies in Libya. The data used in this research is the primary data. For the analysis used validity
and reliability test as instrument test. This research used regression analysis and for hypothesis test used F test
and t test. From the result of the research showed that work experience, integrity, competence and commitment
to organizational has significant influence to audit quality. Work experience has the biggest value of arithmetic
and beta coefficient. Hence, the Integrity variable has the strongest influence instead of another variables so
that variable Work experience has a dominant influence toward quality of audit results.
NEMEA Compliance Center - the most powerful survey creation, management, and reporting solution available. It intuitively collects responses, writes, and produces standardized regulatory compliance reports. In fact, it even supports the use of many different standards at once. Our compliance software has a fully featured user-interface that lets you rapidly compare the laws and regulations that govern your industry and business.
Training Slides of Certified Compliance Officer to enhance Personal Development, discussing the importance of Compliance.
Some Key-Points:
- The Framework of Compliance
- Corporate Governance
- Compliance Program
For further information regarding the course, please contact:
info@asia-masters.com
www.asia-masters.com
Grant Thornton LLP’s fourth annual survey of more than 400 chief audit executives (CAEs) from U.S. organizations finds CAEs are facing the realities of a greater compliance burden. See the full survey: http://gt-us.co/1ijnAke
Presentation: Cross-Border Anti-Corruption Programs
By Leas Bachatene, Chief Executive Officer, ethiXbase
Kicking off 2017 which calls for a renewed and intensified focus on compliance, ethiXbase participated in discussions at the Asian Compliance and Anti-Corruption Summit hosted by the European University Viadrina Frankfurt (Oder) and German-Southeast Asian Center of Excellence for Public Policy and Good Governance (CPG) in Bangkok on January 11th and 12th. Devoted to the theme of “Compliance Across Asia”, the summit featured experts who discussed anti-corruption and compliance in Asia.
Speaking on cross-border anti-corruption programs, Leas Bachatene, Chief Executive Officer of ethiXbase, was joined by other experts from the Organisation for Economic Co-operation and Development (OECD), UNDP Regional Asia Pacific Office, National Anti-Corruption Commission of Thailand, among others.
View slides from Leas Bachatene’s presentation on cross-border anti-corruption programs here, which outlines various elements of an effective cross-border anti-corruption program. Enjoy!
The Modern Slavery Supply Chain Risk Assessment Questionnaire brings together the human rights expertise of Norton Rose Fulbright, a global law firm*, with the ethiXbase 360 powerful
Third-Party Risk Management Platform to help your business identify, mitigate, and manage modern slavery risk and human rights abuses across your supply and manufacturing chains
The Modern Slavery Questionnaire uses five key indicators to
assess a supplier’s modern slavery risk:
1) Jurisdiction
2) Industry
3) Products
4) WorkForce
5) Risk-mitigating measures
After the acquisition: 5 steps to manage the tax processGrant Thornton LLP
A detailed plan is critical to accomplishing all the tax-related tasks that need to occur in the months after an M&A transaction closes. Your 100-day plan for managing the tax process should include five key steps.
The Effect of Working Experience, Integrity, Competence, and Organizational C...iosrjce
External There search objectives are to seek empirical evidence about the influence of personal
characteristics of the auditor to the audit quality. The population in this study is the auditor who worked on
owned companies in Libya. The data used in this research is the primary data. For the analysis used validity
and reliability test as instrument test. This research used regression analysis and for hypothesis test used F test
and t test. From the result of the research showed that work experience, integrity, competence and commitment
to organizational has significant influence to audit quality. Work experience has the biggest value of arithmetic
and beta coefficient. Hence, the Integrity variable has the strongest influence instead of another variables so
that variable Work experience has a dominant influence toward quality of audit results.
The role of audit committees continues to expand to keep pace with the modern business operating environment. In addition to responsibility for a company’s financial reporting and management, audit committees increasingly take an active role in an organization’s risk management strategy.
Audit committees can be instrumental in helping their organizations implement procedures to address the challenges they face. They can also assist with addressing internal and external audit findings or with exploring best practices for addressing areas of operations that may be vulnerable to disruption or extraordinary risks.
State of Compliance 2021 at Mid-Market Firms - NimonikNimonik
Nimonik.com recently conducted a survey of 100 compliance and risk professionals in the US, USA and in China. The participants were from mid-market firms (500-15,000 employees) and were leaders within their organization. These insights show that there remains much work to be done to achieve comprehensive compliance across mid-market firms.
Duff & Phelps’ Global Enforcement Review (GER) 2017, looks beyond just the words, policies and intentions of the world’s financial services regulators. Drawing from data published by the key regulators in the U.S., UK and Hong Kong, as well as commentary and insight from around the globe, this report examines those policies in practice: How they invest, when they act and what they do.
Our endeavour upheld group has more than 50 years of experience working with systematic investment management, and software development. By utilizing machine learning, data science and automation, we enable advisors to manage portfolio risk in near real-time.
Restoring Your Organization's Reputation after Financial FraudCBIZ, Inc.
Organizations that fail to grasp the implications of the public relations frenzy that is certain to follow the occurrence of fraud will suffer the lost confidence of its stakeholders and supporters. These four steps will guide a successful response.
Since the onset of the global financial crisis in 2008, businesses around the world have faced a barrage of new risk-related challenges.
The macroeconomic environment of recent years, marked by the global financial crisis, fiscal uncertainty in the US and sovereign debt problems in Europe, has also helped to make companies more riskaverse, leading them to swap bold investment decisions for more cautious behaviour and cash hoarding. The tide is turning, however, with most expecting 2014 to mark a return to growth...
this issue.
Climate Governance Initiative Australia
The AICD is the host of the Climate Governance
Initiative Australia which assists in supporting
our members in meeting the challenges and
opportunities of governing climate change risk.
As host of the Australian Chapter of the Climate
Governance Initiative, our members have
access to a global network of experts in risk
and resilience and to non-executive directors
who are leading their organisations’ governance
response to climate change.
The Climate Governance Initiative (CGI) is an
active and rapidly expanding network of over
20 bodies globally, whose Chapters promote the
World Economic Forum Climate Governance
Principles for boards and effective climate
governance within their jurisdictions. The
principles are set out in Appendix 2 of this guide.
The principles support directors to gain
awareness, embed climate considerations into
board decision making, and understand and act
upon the risks and opportunities that climate
change poses to their organisations.
CGI chapters have already been established
in many comparable countries, including the
UK, US (hosted by the National Association of
Corporate Directors), Canada (hosted by the
Institute of Corporate Directors) and France.
Australian Bushfire
and Climate Plan
Final report of the National Bushfire and Climate Summit 2020
The severity and scale of Australian bushfires
is escalating
Australia’s Black Summer fires over 2019 and 2020
were unprecedented in scale and levels of destruction.
Fuelled by climate change, the hottest and driest year
ever recorded resulted in fires that burned through land
two-and-a-half times the size of Tasmania (more than 17
million hectares), killed more than a billion animals, and
affected nearly 80 percent of Australians. This included
the tragic loss of over 450 lives from the fires and
smoke, more than 3,000 homes were destroyed, and
thousands of other buildings.
While unprecedented, this tragedy was not
unforeseen, nor unexpected. For decades climate
scientists have warned of an increase in climaterelated disasters, including longer and more
dangerous bushfire seasons, which have become
directly observable over the last 20 years. Extremely
hot, dry conditions, underpinned by years of reduced
rainfall and a severe drought, set the scene for the
Black Summer crisis.
Recommendations - The 3 Rs - Response,
Readiness and Recovery
There is no doubt that bushfires in Australia have
become more frequent, ferocious and unpredictable
with major losses in 2001/02 in NSW, 2003 in the
ACT, 2013 in Tasmania and NSW, 2018 in Queensland,
2009 Black Saturday Fires in Victoria and 2019/20 in
Queensland, NSW, Victoria and South Australia. We are
now in a new era of supercharged bushfire risk, forcing
a fundamental rethink of how we prevent, prepare for,
respond to, and recover from bushfires.
This Australian Bushfire and Climate Plan report
provides a broad plan and practical ideas for
governments, fire and land management agencies
and communities to help us mitigate and adapt to
worsening fire conditions. The 165 recommendations
include many measures that can be implemented right
now, to ensure communities are better protected.
How to work with petroleum hydrocarbon suppliers to reduce and eliminate cont...Turlough Guerin GAICD FGIA
Petroleum hydrocarbon suppliers affect a mine's goals for environmental performance because of the extensive reach of petroleum hydrocarbon products into the mining and minerals product life cycle, their impact on operational efficiencies, cost, and mine viability, and their potential for leaving negative environmental as well as safety legacies. The supplied petroleum hydrocarbon life cycle is a framework that enables structured engagement between supplier and customer on a range of environmental performance issues because it is an example of input into the mining industry that affects the entire mining and minerals processing an value chain. Engagement with suppliers in a proactive manner can be a risk management strategy. Questions for businesses to ask in relation to suppliers and their role in minimizing business risks and creating new value are offered (https://onlinelibrary.wiley.com/doi/full/10.1002/rem.21669).
Governments would get bigger bang for taxpayer
buck by instead spending more on upgrading existing infrastructure,
and on social infrastructure such as aged care and mental health care.
Choosing net zero is
an economic necessity
Australia pays a high price of a global failure
to deliver new growth in recovery. Compared
to this dismal future, Deloitte Access Economics
estimates a new growth recovery could
grow Australia’s economy by $680 billion
(present value terms) and increase GDP
by 2.6% in 2070 – adding over 250,000 jobs
to the Australian economy by 2070.
The world of venture capital has seen huge changes over the past decade. Ten years ago there were fewer than
20 known unicorns in the US5
; there are now over 2006
. Annual investment of global venture capital has increased
more than fivefold over the same period, rising to $264 billion by 2019. This investment has been dominated by the
tech sector harnessing digital frontiers to disrupt traditional industries – including cloud computing, mobile apps,
marketplaces, data platforms, machine learning and deep tech.7
It is an ecosystem that acts as the birthplace for
innovation and brands that can shape the future of consumerism, sectors and markets.
As COVID-19 has taken hold of the
world, the question of whether venture
capital, and early stage investing more
broadly, is backing and scaling the
innovations our world really needs has
never been more pertinent. Life science
and biotech investing is an asset class
perhaps most resilient and relevant to
the short-term impact of COVID-19,
but there is another impact-critical
investment area that is emerging as
an increasingly important investment
frontier: climate tech.
This research represents a first-ofits-kind analysis of the state of global
climate tech investing. We define what
it is and show how this new frontier
of venture investing is becoming a
standout investing opportunity for the
2020s. Representing 6% of global
annual venture capital funding in 2019,
our analysis finds this segment has
grown over 3750% in absolute terms
since 2013. This is on the order of 3
times the growth rate of VC investment
into AI, during a time period renowned
for its uptick in AI investment.8
Looking forward can climate tech in the
2020s follow a similar journey to the
artificial intelligence (AI) investing boom
in the 2010s? The substantial rates of
growth seen in climate tech in the late
2010s, and the overarching need for
new transformational solutions across
multiple sectors of the economy,
suggests yes. The stage appears set
for an explosion of climate tech into the
mainstream investment and corporate
landscape in the decade ahead.
Nine shifts will radically change the way construction projects are delivered—and similar
industries have already undergone many of the shifts. A combination of sustainability
requirements, cost pressure, skills scarcity, new materials, industrial approaches, digitalization,
and a new breed of player looks set to transform the value chain. The shifts ahead include
productization and specialization, increased value-chain control, and greater customercentricity
and branding. Consolidation and internationalization will create the scale needed to
allow higher levels of investment in digitalization, R&D and equipment, and sustainability as well
as human capital.
Sustainable Finance Industry Guide
This industry guide provides information about sustainable finance in the built environment in Australia. It is designed to support investor understanding of Australia’s world-class rating tools and standards, and how these can be applied to direct more capital towards sustainable finance for our built environment. Included are insights that reflect lessons learnt when using a rating scheme to establish an investment framework, conduct
due diligence or report on an issuance.
Precincts to Support the Delivery of Zero Energy
This report frames the physical and organisational context for precinct action and identifies potential programs and government solutions that may be applied to better streamline the realisation of precinct-scale action to progress towards zero energy (and carbon) ready residential buildings within both new and existing precincts.
The report was developed based on a literature review and engagement with more than 80 stakeholders from industry, academia and government with the aim of identifying appropriate government action in the form of proposed solutions that may be applicable across Commonwealth, state and territory and/ or local governments.
The report has given focus to opportunities for precincts that are not already considered in the Trajectory to ensure that a wider system response is taken to considering the zero energy (and carbon) ready outcomes being sought.
When seeking funding, environmental and sustainability professionals must clarify how their role and the proposed project fit within the business' strategy.
This article provides a checklist for those seeking funding for sustainability and environmental projects.
The suggested questions will assist non-executive directors in evaluating sustainability-focused proposals.
This session provides a comprehensive overview of the latest updates to the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (commonly known as the Uniform Guidance) outlined in the 2 CFR 200.
With a focus on the 2024 revisions issued by the Office of Management and Budget (OMB), participants will gain insight into the key changes affecting federal grant recipients. The session will delve into critical regulatory updates, providing attendees with the knowledge and tools necessary to navigate and comply with the evolving landscape of federal grant management.
Learning Objectives:
- Understand the rationale behind the 2024 updates to the Uniform Guidance outlined in 2 CFR 200, and their implications for federal grant recipients.
- Identify the key changes and revisions introduced by the Office of Management and Budget (OMB) in the 2024 edition of 2 CFR 200.
- Gain proficiency in applying the updated regulations to ensure compliance with federal grant requirements and avoid potential audit findings.
- Develop strategies for effectively implementing the new guidelines within the grant management processes of their respective organizations, fostering efficiency and accountability in federal grant administration.
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
ZGB - The Role of Generative AI in Government transformation.pdfSaeed Al Dhaheri
This keynote was presented during the the 7th edition of the UAE Hackathon 2024. It highlights the role of AI and Generative AI in addressing government transformation to achieve zero government bureaucracy
Presentation by Jared Jageler, David Adler, Noelia Duchovny, and Evan Herrnstadt, analysts in CBO’s Microeconomic Studies and Health Analysis Divisions, at the Association of Environmental and Resource Economists Summer Conference.
Donate to charity during this holiday seasonSERUDS INDIA
For people who have money and are philanthropic, there are infinite opportunities to gift a needy person or child a Merry Christmas. Even if you are living on a shoestring budget, you will be surprised at how much you can do.
Donate Us
https://serudsindia.org/how-to-donate-to-charity-during-this-holiday-season/
#charityforchildren, #donateforchildren, #donateclothesforchildren, #donatebooksforchildren, #donatetoysforchildren, #sponsorforchildren, #sponsorclothesforchildren, #sponsorbooksforchildren, #sponsortoysforchildren, #seruds, #kurnool
Monitoring Health for the SDGs - Global Health Statistics 2024 - WHOChristina Parmionova
The 2024 World Health Statistics edition reviews more than 50 health-related indicators from the Sustainable Development Goals and WHO’s Thirteenth General Programme of Work. It also highlights the findings from the Global health estimates 2021, notably the impact of the COVID-19 pandemic on life expectancy and healthy life expectancy.
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
2. 2
BACKGROUND
TO THE DISCUSSION
In a post-Financial Services Royal Commission (Hayne Royal Commission) world, the
regulatory landscape has changed fundamentally. The twin peaks model remains, but
the approach to enforcement is now summed up by the phrase, ‘adequate deterrence of
misconduct depends upon visible public denunciation of misconduct’.
ASIC has a new, more intensive supervisory approach—close and continuous monitoring
involves regularly placing ASIC staff onsite in major financial institutions to closely monitor
governance and compliance with laws. If successful, this program may be rolled out more
broadly. Its supervisory initiative, the Corporate Governance Task Force is undertaking
targeted reviews of corporate governance practices in large listed entities to allow it to
shine a light on ‘good’ and ‘bad’ practices observed across these entities.
Following a review of its enforcement strategy APRA has adopted a ‘constructively tough’
enforcement appetite. The Government has foreshadowed an extension of the Banking
Executive Accountability Regime (BEAR) beyond the banking sector with APRA and ASIC
acting as co-regulators, cooperating and sharing information.
In addition, the regulators will be subject to external scrutiny through a new oversight
body and four-year capability reviews.
The laying of criminal cartel charges by ACCC against ANZ, Citigroup and
Deutsche Bank arising from an institutional share placement in ANZ shares broke
new ground for ACCC enforcement.
Amendments to the Corporations Act which came into effect on 13 March 2019
significantly increase maximum penalties for directors for civil and criminal contraventions.
This means that ASIC will now be able to seek much higher penalties against those who
contravene the Act.
Companies, particularly those in the financial services sector, will need to adapt to a very
different regulatory environment and are on notice that they now need to change their
approach to engaging with regulators.
Against that background, Governance Institute surveyed members in March this year in
order to gain greater insight into members’ current strategy for dealing with regulators.
In May this year, Governance Institute and LexisNexis convened a roundtable of
distinguished participants to further explore the rapidly changing regulatory environment
post the Hayne Royal Commission.
3. 3
What the survey found:
60% Respondents have a strategy for dealing with regulators
43% of respondents reported that that Compliance is the custodian of regulatory engagement in their organisation, 34% reported that the custodian
was Risk Management while 23% reported the Legal department was custodian (Fig. 2).
82% believe that their strategy is fit for purpose post the Hayne Royal Commission
There does not appear to be evidence of any
groundswell for change of custodian, with nearly
90% of respondents reporting no change of
custodian was anticipated.
Despite the Hayne Royal Commission, almost
50% of respondents currently have a defensive or
reactive approach to engaging with regulators and
there appears to be little appetite for change.
Nearly 40% of respondents believe that the recent
whistleblowing amendments do not go far enough.
FIGURE 1
Of those 60% who do have a strategy for dealing with regulators
43%
34%
23%
FIGURE 2
FIGURE 3
90%
50%
40%
COMPLIANCE
RISKMANAGEMENT
LEGAL
4. 4
Of the 36 respondents for whom Compliance has
the responsibility for regulator engagement,
22 describe their approach as proactive,
8 describe it as reactive and 6 as defensive.
Of the 19 respondents for whom the Legal
department has responsibility for engaging with
regulators, 10 described their approach as reactive,
8 as proactive and 1 as defensive. These responses
suggest that where the responsibility for engaging
with regulators sits with Legal, the organisation’s
approach is more likely to be reactive.
Of the 25 respondents to the survey for whom the
Risk Management function has responsibility for
regulatory engagement, 10 described
their approach as reactive, 1 as defensive and
14 as proactive.
5. 5
Interestingly, almost 70% of respondents to the survey reported that the
findings of the Hayne Royal Commission will not impact their organisation’s
approach to remuneration.
The survey participants were also asked how the regulators’ new, more intense supervisory and enforcement approach will influence management
decision-making around the consequences of compliance breaches and funding allocations for enhanced risk and compliance measures.
There was a diverse range of views in response to this question. Some respondents stated that the new supervisory and enforcement approach
would result in increased funding for risk and compliance functions and organisations adopting a zero tolerance for breaches. Other respondents
stated that they did not anticipate any changes being made to management decisions as a result of the regulators’ new approach.
Survey participants were also asked about the implications for the roles of board and management and the possibility of any blurring of
responsibilities. The consensus appears to be that there is little likelihood of blurring of the roles between board and management.
6. 6
A distinguished group of members and other key stakeholders, including an ASIC representative and academics held
a Chatham House discussion about the results of the Survey and explored how companies and their leadership will
navigate this new engagement model.
THE ROUNDTABLE
DISCUSSION
Resetting the dial
Roundtable participants agreed it was now time to again reset the
dial on what is acceptable corporate behaviour to restore trust and
confidence following the significant breaches of trust and failures of
leadership uncovered in the Hayne Royal Commission.
According to one roundtable participant, ‘There has been massive value
destruction. When we hold investor meetings, investors want to talk to
us about risk management, suppliers, and how the board is testing the
temperature on this. It’s a whole new world and organisations have to
adapt accordingly and that includes how they engage with regulators.’
7. 7
Culture
The Hayne Royal Commission report highlighted that primary responsibility for the misconduct identified lay with the entities concerned and those
who managed and controlled them; that is, the board and senior management. Close attention must therefore be given to culture, governance and
remuneration practices.
Unsurprisingly, ASIC is increasingly focused on culture in its supervision which is seen as the key driver for good governance. As one participant
commented ‘If you have an organisation with 40,000 employees how can anyone know everything about everything. It is impossible. The culture
needs to be there so that bad news rises quickly. Also, once the bad news has risen to the top this needs to be acted on quickly. For example,
are victims remediated? Are the root causes of the problem identified and does the organisation change its course?’
There was acknowledgement amongst the participants that large entities are often dealing with a complex web of legacy systems and ‘bolt-ons’.
These are very difficult to unpick when there is a systemic problem. Regulators are very aware of these issues. In its review of breach reporting
practices of the largest banks published in September 2018, ASIC found significant delays in reporting breaches to regulators and remediating
consumers for losses. This is a continuing area of focus for regulators in their supervisory activities.
As one participant succinctly said ‘It is important to ask the question, “can we? should we?”’ Everyone in a company should have a regulator strategy—
not just compliance.
Participants agreed that culture starts and stops with the chief executive and boards must hold him or her accountable. Non-executive directors
(NEDs) must also play their part. ‘However, NEDs can’t do as much as you expect. They are part time and independent,’ commented one participant.
It was agreed that organisations must reflect broader societal expectations.
‘Everyone in the company must do the right thing. Everyone in
the company has to be a risk/compliance person.’
8. 8
Issues for boards
Attendees expressed concern that post-Hayne Royal Commission, directors will be increasingly apprehensive about what gets documented
due to the potential risks of regulatory and shareholder class actions. Concerns were also expressed about the effect the new supervisory
and enforcement approaches requiring open, transparent and constructive engagement will have on the legal protections against
self-incrimination.
As one participant said, ‘These are honest people who are worried about how things will look with the benefit of 20/20 hindsight when the
dominoes start falling. This makes protection against self-incrimination a lightning rod particularly when it comes to class actions.’
‘People no longer want everything committed to writing. ASIC says that if it isn’t written down it didn’t happen, yet third line staff need
to be candid and call it as it is. However, boards are becoming increasingly concerned about applications under Freedom of Information and
shareholder litigation and this has extended well beyond the financial services industry.’
Despite the survey finding that 60% of respondents have a strategy for dealing with regulators, and of those, 82% believing that their
strategy is fit for purpose, roundtable participants made it very clear that in their experience, engagement with regulators is very much
on the minds of directors, not just those on the boards of large listed financial services entities.
In fact, one survey respondent, a non-executive director of a family company, confirmed that their organisation’s regulatory strategy
had been reviewed post-Hayne Royal Commission and observed that ‘while the board and I were not directly impacted by the Hayne
Royal Commission the businesses will benefit from a strategic review.’ Another respondent commented that it ‘it will also encourage the
development of a proper risk framework for our small NFP company.’ Also a significant risk identified by the roundtable was that boards
may become so focused on compliance issues, they will have insufficient time to deal with strategy.
9. 9
Issues for management
For companies to effectively engage with regulators post-Hayne Royal Commission, the roundtable identified the importance of boards
receiving the correct information. Building systems and processes to support board decision-making and to ensure that information for
the board is consistent and integrates recommendations of the entire management team was seen as an important priority for management.
One participant described how his organisation is endeavouring to overcome the problem of people working in silos with multiple points
of reporting to the board on the same issue.
‘We are now informally trying to bring together, compliance/legal/audit. These are difficult conversations to have with people. You need
a well-thought-out process. Getting the process started is hard. What we are endeavouring to do is coalesce all the issues in the middle
before they go to the top.’
Another issue discussed by the roundtable participants was the importance of ensuring governance and risk management professionals
manage the risks of getting the regulatory strategy wrong. There was also a recognition that every regulator is different and may require
a different approach.
As one participant pointed out ‘Dealing with ASX is very different to engaging with ASIC and APRA. You need to engage with each regulator
differently and use different skill sets.’ Another participant reported that their organisation is subject to 200 different regulator bodies
across the globe.
10. 10
Participants described how their organisations are refining and managing
their strategies for engaging with regulators. These included:
• Designating different people within the organisation to deal with different regulators and in some cases different people within the regulator.
• Using a stakeholder engagement approach with clear rules about who deals with which regulator.
The need to engage successfully with the regulators was
not underestimated. However, it was recognised by the
roundtable participants that it can be complex and costly.
One participant reported that his organisation’s stakeholder
management model was designed to effectively engage
with a broad cross section of regulators. ‘We have senior
and responsible professionals and are very careful to
ensure that we are properly organised for both ourselves
and the regulators and have in place strict rules as to who
can engage with which party.’
11. 11
Remuneration
As the 2018 AGM season demonstrates, executive remuneration is an important issue for shareholders, with strikes on remuneration reports for
ASX 200 companies increasingly significantly. Twelve companies received first strikes in the 2018 AGM season, compared with five first strikes
and one second strike the previous year. The magnitude of individual ‘against’ votes on remuneration reports also soared, reaching a record high
of 88 percent ‘against’ vote in one case. Shareholders expressed concerns regarding amounts of pay including consequence on pay for poor
performance, the complexity of remuneration structures and lack of transparency around the operation of incentives.
Roundtable participants believe that there is a disconnect between the expectation of regulators and investors as regards remuneration.
‘Boards are caught between meeting the market…government requirements and proxy advisors.’ They also raised concerns about the capacity of
regulators, particularly APRA, to regulate remuneration as part of its broader remit.
Participants identified the importance of focusing on behaviours and rewards lower down the organisation. As one participant noted
‘Remuneration is about consequence and accountability management.’ Holding people to account was seen as a key element of remuneration with a
participant emphasising ‘Who owns the problem, who owns fixing the problem and who owns the problem if it is not fixed’ as being the issue which
will be considered by regulators.
Why not litigate?
The roundtable discussion touched on ASIC’s new ‘Why not litigate?’ enforcement strategy and ASIC’s renewed focus on deterrence, public
denunciation and punishment of wrongdoing by way of litigation.
Roundtable participants agreed that post-Hayne Royal Commission, regulators are under pressure to adopt a more aggressive approach.
They expressed concern that while organisations are now statutorily required to be open, constructive and transparent with regulators, this could
impact on legal protections against self-incrimination.
12. 12
In his final report, Commissioner Hayne emphasised the important connections between culture, governance and remuneration on the one hand
and regulatory, compliance and conduct risks on the other.
The survey and roundtable were designed to capture in real terms what this means for organisations in a post-Hayne Royal commission world.
Seventy percent of survey respondents with a strategy of dealing with regulators believe that their strategy is fit for purpose in a post-Hayne Royal
Commission world.
Nevertheless, roundtable participants highlighted the challenges for boards and management of dealing with regulators with new enforcement and
supervisory approaches. There is no ‘one size fits all’ approach to dealing with regulators—each regulator will need its own approach.
The challenges for boards and management will lie in ensuring the right information reaches the board and embedding an open, transparent
and accountable culture within the organisation.
CONCLUSION
13. 13
Governance Institute encourages key stakeholders and other interested parties to participate in this discussion and looks forward to receiving submissions.
To complete your submission, click here. Submissions are due 28 August 2019. Submissions and feedback will be treated as confidential,
unless you indicate you agree to have your response made publicly available on Governance Institute’s website.
CALL FOR SUBMISSIONS
1
2
3
5
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4What specific processes do you have in place to engage with regulators?
Does the process differ depending on the regulator and/or the
magnitude of the issues?
What are the key challenges of engaging with regulators?
Do you think that in the post-HRC environment Boards and senior
management will be challenged to meet the expectations of both
shareholders and regulators and why?
In your view, will increased scrutiny from regulators impact what is and
what is not recorded in the minutes?
Given ASIC’s continued focus on culture, do you believe the current
culture in organisations meets ASIC’s expectations?
14. 14
Roundtable participants
Louise Petschler Australian Institute of Company Directors
David Barnett General Manager, Listings ComplianceASX
Viv Hardy CallidusPR
Quentin Digby PartnerHerbert Smith Freehills
Megan Motto CEOGovernance Institute of Australia
Dennis Leong Company SecretaryMacquarie Bank
Michael Adams Head of School of LawUniversity of New England
Simon Pordage Company Secretary
General Manager, Advocacy
ANZ
Elizabeth Hristoforidis Lead Supervisor, Close and Continuous Monitoring ProgramASIC
Matthew Ronald Director, People Advisory ServicesEY
Ali Dibbenhall Head of Legal, PacificLexisNexis
Kerry McGoldrick PartnerShineWing Australia
Catherine Maxwell General Manager, Policy & AdvocacyGovernance Institute of Australia
Maureen McGrath General Counsel, Compliance & SecretariatScentre
Marina Nehme Senior Lecturer, Faculty of LawUNSW
Marcin Firek Company SecretaryWoolworths
LexisNexis and Governance Institute of Australia would like to thank the roundtable participants and acknowledge their
valuable contribution to this important discussion.
15. 15
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16. 16
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