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24 November 2020
It turns out this month's US election will bring an era of significant changes to address the pandemic, expand domestic health care, modernise infrastructure and adopt expansionary fiscal policy—all of which will define the economic policy landscape over the next two years. And it seems the ASX agrees with those sentiments, with renewed confidence only seen prior to the pandemic. It is now likely we have a vaccine that could plausibly be produced and distributed over the next 6 months with the Australian government sealing a deal, for a CSL subsidiary to spend $800 million to build a new facility in Melbourne and the government will buy the vaccines it will produce.
With this backdrop, it is important for businesses to engage in discussions about the implications of recent events on their risk management strategies. Due to COVID-19, the role of the Board of Directors with enterprise wide risk oversight has become increasingly challenging as expectations for Board engagement are at all-time highs. While the pandemic may increase the risk committees’ significance, potentially putting it on par with the audit committee, it may also prompt the Board to contemplate how much oversight it expects from that committee.
These are unprecedented times for businesses across the entire Australian economy. Each industry will have to work within its unique parameters to get employees back to work. But the positive approach to reopening demonstrated by businesses bodes well for their continued success.
The 6th edition of Risk Insider provides a look at some of the key areas Boards and executives should focus on in the next few months – whether through digital transformation or making sure payroll systems are robust to avoid underpaying employees.
Warmest regards,
Jean-Marc
ARTICLES AND INSIGHTS
Probity in Public Sector Procurement
If you’re in a public sector position of responsibility, you will have thought about this at some point. Probity complaints aren’t always the result of an improper process. Frequently, they come from disgruntled vendors. Sometimes they’re based on hearsay; occasionally, they are based on fact.
Read more >>
The IIA's Three Lines Model (an update of the Three Lines of Defense)
The new Three Lines Model of the Institute of Internal Auditors (IIA) provides businesses with a reminder that in decision making, upside risk should be considered alongside those negative risk factors.
Tips for managing risk through and after COVID-19
Many organisations are engaged in discussions about COVID-19 and its implications from a risk management perspective. It is particularly challenging in Melbourne and Victoria, and we are all looking forward to the end of, or even an easing of restrictions.
Risk management - Payroll pain: Is it the system or the process?
Whilst outdated systems can contribute and sometimes be the main cause of payroll errors, recent RSM experience of working with clients with “pay” issues, has also uncovered major risks with the other two main ingredients, namely: People and Process.
Strategic risk: Are they threats or opportunities?
It is a regular activity for an organisation to undertake a risk assessment of its operating environment to consider, review, and document the many threats that organisations face. Not only would your organisation benefit from managing the strategic risk, but also potentially realise further benefits to the organisation.
Post Pandemic - Is your payroll system the next disaster?
While most employers don’t deliberately underpay employees, errors can occur. Coles, Woolworths, Hero Sushi and MasterChef George Calombaris are the latest in a long line of companies and franchises to be caught in payroll scandals as a result of outdated payroll systems.
Mega Trends Whitepaper 5: Future proof your business through digital transformation
The fifth and final instalment of our Mega Trends series focuses on the impact of digital transformation on financial services businesses and how you can craft a framework that will work for your organisation. Part 1 of this whitepaper is available now.
DOWNLOAD THE WHITEPAPER (PART 1)
EVENTS AND SPONSORSHIPS
CFE Exam Review Course for Australia
Since a hugely successful partnership began in 2016, RSM Australia’s Fraud & Forensic Services continues to deliver this four-day course in Australia in 2021 through our facilitators as led by Roger Darvall-Stevens.
Register here >>
IIA Financial Services Assurance Forum
RSM Australia is proud to be a major sponsor of the IIA's upcoming Financial Services Assurance Forum, which be delivered in an interactive online format on Thursday 26 November 2020 AEDT.
Don't miss the session on Auditing cyber security readiness to be presented by Darren Booth, Head of Cyber Security & Resilience Services at RSM Australia. Topics that will be covered include:
- Insight into the strategies used by hackers to gain entry into systems
- Understanding what cyber attackers are looking for
- Reacting to a cyber-attack – The essentials to effective cyber risk management planning
- What to do when you have been hacked and the role of internal audit
- It is not all IT – Human factors and the work from home environment risks
Register here >>
Want to keep reading? View the past editions of Risk Insider here >>
