RMA Newsletter - October 2015
CRO Forum - 15 September 2015
The 11th RMA forum was generously hosted by Ernst & Young on 15 September. It was a well attended event with a record 71 Group and Divisional CROs in attendance.
Our expert speakers and panel members addressed the theme of the new world order in financial services and the role of the risk function in that milieu.
Digital and business disruption was addressed by Steve Sammartino author of The Great Fragmentation, a book which discusses the impact technology is having on organisations around the world. Steve challenged us to change the way we think about risk. Later in the day the AFP's Commander David McLean who heads up the agency's Cybercrime Unit provided insight into the rapidly evolving world of cybercrime and key associated threats.
(Commander David McLean- AFP)
APRA's head, Wanye Byres spoke to the new regulation challenges including how the move to stronger capital provisioning is proceeding, and where Australia will sit on the global ladder post the Murray recommendations. Ernst and Young's European Regulation Leader Patricia Jackson outlined how history should be a key consideration in the formulation of operational and credit risk strategies. Her coverage of the legacy of the GFC in the UK and Europe provided important insight to the current regulatory environment.
(Wayne Byres - APRA Chair)
During the post luncheon session the CROs heard three fascinating and informative addresses on economic and geopolitical developments. Firstly from HSBC's Chief Economist, Paul Bloxham who covered the Australian economy key indicators relative to China and the world at large. Dr Leon Berkelman, from the Lowy Institute followed presenting on the global agencies such as the G20, the Asia Investment Bank and the IMF all of which impact global liquidity. The final speaker in this theme, Ex Army Chief, Peter Leahy AC, outlined the security threats and risks to Australia.
The formal programme was augmented by discussions during the breaks in the day and also during Q & A. The RMA board received invaluable feedback on its key initiatives, via:
- The need to maintain our program of RMA events which will develop our 1300 members and give them an enhanced risk network;
- The need to offer targeted professional development opportunities for our younger and female risk members;
- The need to stay connected with our regulatory agencies; and
- The need to link with educational programs on offer in Australia and offshore.
RMA 2015 Member Survey Results
During the past three months the RMA team has been conducting and collating the 2015 Member Survey. The results of the survey have been posted on our web site - click here to view.
Those surveyed have provided us with a profile of our member base and some good feedback on both our successful and 'need to improve' characteristics.
Managers were the most likely to complete the survey (50%) followed by Heads of (23%)
Over 50% of the respondents had 10 plus years of experience in the “risk management” industry, with 25% having between 5-10 years.
The highest percentage of respondents (38%) specialised in Operational Risk followed by Compliance (25%).
The overall level of satisfaction with the RMA was high (8.5 on a 10 point scale)
The overall level of satisfaction with RMA member events was high.
RMA members rated the RMA website (i.e. ease of navigation and content) as good (7 on a 10 point scale).
RMA members are extremely satisfied with the individual membership value (i.e. annual fee of $50) (9 on a 10 point scale).
85% of respondents specified email as the preferred method of communication.
The overall level of satisfaction with the frequency and quality of RMA communication was high.
We received good feedback on our newsletters with a number of members suggesting these be more frequent and 'newsie'.
In the coming months the RMA board and its Events Committee will discuss these findings and work to incorporate into our value proposition.
Special thanks go to those who completed our survey and also to Selina Coia on the RMA team who managed this project.
October and November events have been finalised and are now posted on the RMA website.
Richard Gilbert - Executive Director
Catherine Thrum - President