A note from Australia's Head of Risk Advisory
We are excited today to launch the Norton Rose Fulbright Risk Advisory team's thought leadership hub, 'Spotlight on Risk'.
Before you start yawning or pressing delete, let me assure you that this is not just 'another blog'. The Risk Advisory team doesn't operate like that.
What's been happening?
The last 12 months has been a time of unprecedented development in the corporate risk space – from the Hayne Royal Commission recommendations to the new ASIC and APRA enforcement mandates and new laws on responsible lending, whistleblowers, modern slavery, data breach reporting and consumer data rights.
ASIC has also installed compliance officers in banks as part of its Close and Continuous Monitoring Program and has commissioned reports into corporate culture and compliance, expecting directors to lead from the top in promoting greater transparency and accountability.
On the climate change front, ASIC and APRA regulatory standards now require directors to actively consider and plan for climate change risks, while new development applications are being assessed with reference to the impact a project will have on net emissions.
If that was not enough, shareholder activism and class actions – targeting companies and individual directors – continue to grow, backed by litigation funders with deep pockets and funder-friendly laws.
So what does this mean?
This regulatory maze exposes directors to a complex and rapidly changing risk environment and leaves open questions about engaging with corporate regulators, setting adequate ESG risk frameworks that address both the costs and opportunities posed by this new environment.
These are the very issues the Risk Advisory team focus on. In this new hub, we will be posting frequently a genuine thought leadership piece from team members – not a reactionary, headline grabbing post recycling a media release or summarising a case: instead one that is forward-thinking and draws attention to key industry developments, experiences and future expectations.
Risk insights across multiple sectors
The posts will span multiple sectors – from energy, resources and infrastructure to environment and climate, banking and finance, government, business transformation and financial risk, ESG, regulatory dealings and investigations, financial crime and data, privacy and cybersecurity.
Our insights will hopefully appeal to you whether you're a director, CEO, general counsel, professional advisor or risk, compliance, governance or policy specialist.
We are looking forward to connecting with you through our hub and raising the issues that will spark an interest and position you and your organisation to address and respond to the genuine risks that impact on you now and that will continue to arise in an ever-dynamic regulatory and risk environment in Australia and internationally.
And on that note, I invite you to read our very first hub piece authored by a member of our team, Dr Kai Luck, Time to Take a Look Behind the 'Social Licence' Buzzword.