Whet Your Risk Appetite – What Boards Need To Know Abacus Conference 24 th September 2012

Whet Your Risk Appetite – What Boards Need To Know

Abacus Conference24th September 2012.

Whet Your Risk Appetite - What Boards Need To Know

www.theriskboard.com.au

Background• World change

• Regulation and regulatory oversight• • Recent experience:

• JP Morgan• Barclays• HSBC• Lend Lease• Macquarie Bank

• Role of Director needs to evolve, but ‘how’?

My aim today is:• Recent experience

• Two differing approaches

• Culture

• Conclusions

Recent Experience

• Expected losses

• Unexpected losses

Writings on Loss Management• COSO

• Enterprise Risk Management

• A natural consequence of taking risk

Two Different Approaches

Compliance Approach:

• Tick the boxes

Judgment Approach:

• Experienced people

• Culture

• Reward & motivation

Three Lines of Defence

Organisation Culture• Binds people to a common mission and objectives

• Binds people to adherence to common values, ethics and behaviours

• Whole of organisation culture, not risk culture

• Centrality of Boards

• Board oversight

Questions for Directors• Strategy and risk appetite

• Reporting of the business results

• Test embedding

• Remuneration

Directors Approach• Up to date

• Dumb questions

• Pursue

• Ask what could go wrong

• Data vs information

Gaps• Data v judgement• Process v experience• Risk v reward• Fear v greed• Compliance v intuition• People v process• Independence v collaboration

Strategic Issues for the Mutual Sector

• Unexpected losses in the US

• Where to grow

• What can go wrong?

Our People:

• Bruce Auty – Principal• Michael Hamar – Principal • Andrew Williamson – Director • Bruce Hills – Director • Peter Ewers – Risk Consultant

brucea@theriskboard.com.aumichaelh@theriskboard.com.auandreww@theriskboard.com.aubruceh@theriskboard.com.aupetere@theriskboard.com.au

Whet Your Risk Appetite – What Boards Need To Know Abacus Conference 24 th September 2012

Documents

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