Risk Insider Newsletter - Edition #3

The bushfires have had a devastating impact with 25 people killed in NSW and thousands of homes damaged. Now, the government of NSW has announced an independent six-month inquiry into the bushfires which will examine causes as well as the preparedness and response. It is expected that the inquiry would consider how climate change, human activity and other factors had contributed to the blazes. The inclusion of climate change in the term of reference comes amid the debate over the issue in Australia, with the Australian government being heavily criticised. The Emergency Services will come under great level of scrutiny if the inquiry into the 2009 Victorian Black Saturday Bushfires is anything to go by. The sector is under significant pressure to manage demand and deliver effective services with increasingly reducing resources. Management of risk, robust financial savings plans and effective decision making are under even more scrutiny. We have worked with many government departments and agencies to help improve cost-efficiencies or provide insight, challenge and assurance in this area. We also help clients mitigate and manage risk, demonstrate accountability and meet their compliance requirements.

National Head of Risk Advisory

Whilst bushfires are still burning in some parts of Australia, the Coronavirus has now reached our shores. More than a decade on from the last virus scare, the World Health Organization has declared a global emergency and this will have a direct impact on the global capital markets and tourism in Australia. We are already seeing popular tourist locations deserted and restaurants experiencing the lowest level of patronage. These two events combined will have major impacts on Australia’s economy and managing the risk of an economic downturn is now more than ever real for many businesses.

 

In this context, we hope you enjoy this edition of Risk Insider.

 

Cheers,

Jean-Marc

In the third instalment of our white paper series, we explore emerging competition in the financial services industry and the impact of the open banking law to consumers' banking experience. Make sure you subscribe to the series and be the first to receive each whitepaper as these are released.

The first in our "Climate Change Risk" series of articles focusses on why it is imperative that going forward, organisations understand the risks and opportunities of climate change in their business. Read more >>

There are now legal requirements for companies to have whistleblower avenues in place and ensure protection when receiving, managing and investigating reports. Do you have a compliant whistleblowing policy in place? Read more >>

The Department of Finance released guidelines that could assist committees in understanding and meeting their duties and responsibilities under the Public Governance, Performance and Accountability Act 2013. Read more >>

A report released by the Audit Office of NSW summarises sector-wide findings and recommendations relating to internal controls and governance based on the financial audits of 40 of the largest public sector agencies. Read more >>

Following its success since 2016, RSM Australia's Fraud & Forensic Services continues to deliver the four-day CFE Exam Review Course. Registrations are open for our upcoming 2020 courses in Melbourne, Sydney and Canberra.

RSM Australia is a major sponsor of SOPAC® (South Pacific and Asia Conference), Australia's premier internal audit event, which will be held in Brisbane on 15-17 March, with Darren Booth, our Partner in Cyber Security and Resilience presenting on The latest news in cyber security. We hope to see you there!