Register  
Changes in board culture, key to avoid risk
Friday, 26 April 2013 12:05pm

The boards of the companies in the financial services industry must change their culture and look at the "big picture" if they want to avoid risk and achieve stable growth, Risk Board suggested.

Risk Board, an organisation created in 2011 to advise companies within the financial services industry, has identified the relations between the board and the management team as one of the challenges to overcome when managing risk efficiently.

"If the board doesn't drive activity, you often see management going out on its own and although management is growing the business, it may not be not doing it in the right direction," Risk Board principal Bruce Auty said.

Auty explained that there is often pressure on management to deliver positive results, sometimes without looking at risk.

However, after the global financial crisis, regulators are pressuring companies to make sure they don't operate in risky environments.

Recent regulatory changes by the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have brought extra costs to superannuation funds, insurers, fund managers and banks, which now see the need to operate more efficiently and transparently.

Risk Board is a Sydney-based consultancy firm with eight members that advice companies on how to achieve a stable and risk-safe growth in the current regulatory environment.

Blogs
Follow the industry experts.
Christopher Page
Christopher Page
Managing Director

Quality of advice is the real constant
David Murray's Financial System Inquiry (FSI) is due to report in a few days and rumours and speculation on what it will recommend ...read more
 
Benjamin Ong
Benjamin Ong
Chief Economist

Reflation, rotation and the taper
'Tis being my final type (drivel, to some gentle readers) for the year, we'll take a look back at the 2013 that was to seek the lessons ... read more
 
Alex Dunnin
Alex Dunnin
Director of Research & Editorial Services

It's all in the coffee mugs
The Future Fund was already Australia's most misunderstood fund even before it released its latest explanatory paper describing its ... read more
News Search   
VideoBrought to you by
State Street Global Advisors SPDR S&P 500 ETF
We invite you to watch our latest video program on FSiTV featuring State Street Global Advisors (SSgA) head of SPDR ETFs Amanda Skelly, as interviewed by Mark Smith, deputy editor of Financial Standard. In ... Watch video
Colonial First State Multi-Asset Real Return Fund
Find out more about the investment philosophy and objective of the Colonial First State Multi-Asset Real Return Fund. Senior Portfolio Manager, Kej Somaia explains. Watch video
Adviser Efficiency
The secret sauce to an enduring adviser-and-client relationship changes from time to time. One minute it's about the adviser's ability to provide expert advice around investments and the next minute, it's ... Watch video
Why Multi-Asset Solutions?
Joe Fernandes, Head of Global Investment Solutions at Colonial First State Global Asset Management talks about the advantages of objective-based investing in the multi-asset space. Watch video
Introduction to Series #07
What are the key challenges advisers face when building retirement portfolios for clients? Watch Joe Fernandes, Head of Global Investment Solutions at Colonial First State Global Asset Management. Watch video
Get it
Daily
FREE to your inbox, get the Financial Standard Daily Email.
Get the Free
iPad app
Download the Financial Standard iPad app for FREE
Industry
Events
NOV
27
DEC
02
FEAL - La Trobe Financial National Achievement Awards
17
Post Retirement Australia 2014 Conference
MAR
25
Digital Marketing for Banking & Financial Services 2015 Summit
DEC
04
AIST/ACFS Research Symposium
FEB
03
Hobart GenXt National Roadshow 2015
News
Bites

$245 (inc GST) for 1 year
 
 
Copyright © 1992-2014 Rainmaker Group
All material on this site is subject to copyright. All rights reserved. No part of this material may be reproduced, translated, transmitted, framed or stored in a retrieval system for public or private use without the written permission of the publisher.
Link to something diXmMUyA